You feel that you will need $2.3 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $320 per month until you reach your goal. How many years will it be until you reach your goal and retire? Multiple Choice 37.25 years 42.21 years 49.91 years 34.59 years

You feel that you will need $2.3 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $320 per month until you reach your goal. How many years will it be until you reach your goal and retire? Multiple Choice 37.25 years 42.21 years 49.91 years 34.59 years

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 39P

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