Asked by jecren
a beautiful girl 22 years young has just graduated from college. She accepts a good job and desire to establish her own retirement fund. At the end of each year there after she plans to deposit 2000 in the fund out 15% annual . How old will she when the fund has an accumulated value of 1000000
Answers
Answered by
Reiny
Ignoring the absurd wording of the question ....
2000(1.15^n - 1)/.15 = 1,000,000
1.15^n - 1 = 75
1.15^n = 76
take logs of both sides and use log rules
n log 1.15 = log 76
n = log 76/log 1.15 = appr 31 years
let me know where you get 15% return in a retirement fund and I will reinvest by pension plan.
2000(1.15^n - 1)/.15 = 1,000,000
1.15^n - 1 = 75
1.15^n = 76
take logs of both sides and use log rules
n log 1.15 = log 76
n = log 76/log 1.15 = appr 31 years
let me know where you get 15% return in a retirement fund and I will reinvest by pension plan.
Answered by
Writeacher
Absolutely!! I'd love to find something that gives 15% return!!
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