Assume your goal in life is to retire with 2 million dollars. How much would you need to save at the end of each year if investment rates average 6% and you have a 19-year work life? a. $661,026. b. $6,316. c. $59,242. d. $210,526.

Assume your goal in life is to retire with 2 million dollars. How much would you need to save at the end of each year if investment rates average 6% and you have a 19-year work life? a. $661,026. b. $6,316. c. $59,242. d. $210,526.

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter2: Using Financial Statements And Budgets

Section: Chapter Questions

Problem 5FPE

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Question

Assume your goal in life is to retire with 2 million dollars. How much would you need to save at the end of each year if investment rates average 6% and you have a 19-year work life?

a.
$661,026.

b.
$6,316.

c.
$59,242.

d.
$210,526.

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