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

Answer 1

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.

Answer 2

Absolutely!! I'd love to find something that gives 15% return!!