Elif received a bonus of $100,000 at the age of 30 and she decides to invest this money to a savings account with the annual interest rate of 6.8%. At what age she should retire, so that she has $1,000,000 in her savings account when she is retired?

Elif received a bonus of $100,000 at the age of 30 and she decides to invest this money to a savings account with the annual interest rate of 6.8%. At what age she should retire, so that she has $1,000,000 in her savings account when she is retired?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 8E

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