MathMaster logo

MathMaster

  1. Home
  2. general
  3. you have 50 000 in savings for retirement in an investment earning 9 annually you aspire to have 1 000 000 in savings when
Question

You have $50,000 in savings for retirement in an investment earning 9% annually. You aspire to have $1,000,000 in savings when you retire. Assuming you add no more to your savings, how many years will it take to reach your goal? Please round your answer to the nearest hundredth. Note that the HP 12c financial calculator rounds up the periods result to the next integer and will not give the correct answer to the nearest hundredth. Therefore, you should use Excel or a financial calculator that does provide decimal precision to the number of periods.

75

likes
375 views

Answer to a math question You have $50,000 in savings for retirement in an investment earning 9% annually. You aspire to have $1,000,000 in savings when you retire. Assuming you add no more to your savings, how many years will it take to reach your goal? Please round your answer to the nearest hundredth. Note that the HP 12c financial calculator rounds up the periods result to the next integer and will not give the correct answer to the nearest hundredth. Therefore, you should use Excel or a financial calculator that does provide decimal precision to the number of periods.

Expert avatar
Eliseo
4.6
101 Answers
To calculate the number of years needed to reach the savings goal, we can use the future value formula for compound interest:

FV = PV \times (1 + r)^n

where:
- FV is the future value you want to achieve (\$1,000,000),
- PV is the present value (initial savings, $50,000),
- r is the annual interest rate (9% or 0.09), and
- n is the number of years.

Plugging in the given values, we have:

\50,000 \times (1 + 0.09)^n

20 = (1.09)^n

To solve for n , we will use logarithms:

n = \frac{{\ln(20)}}{{\ln(1.09)}}

n\approx34.76

Therefore, it will take approximately 34.76 years to reach $1,000,000 in savings, rounded to the nearest hundredth.

Frequently asked questions (FAQs)
What information is needed to prove that two triangles are congruent?
+
Math question: Graph the inequality y ≥ 2x - 5.
+
What is the sum of 83 and 47?
+
New questions in Mathematics
Two fire lookouts are 12.5 km apart on a north-south line. The northern fire lookout sights a fire 20° south of East at the same time as the southern fire lookout spots it at 60° East of North. How far is the fire from the Southern lookout? Round your answer to the nearest tenth of a kilometer
Hey👋🏻 Tap "Create New Task" to send your math problem. One of our experts will start working on it right away!
A hotel in the Algarve had to offer 1 week of vacation to one of its employees as an Easter gift in a random choice. It is known that 80 people work in this hotel unit, 41 of whom are Portuguese and 39 are foreign nationals. There are 14 Portuguese men and 23 foreign women. Using what you know about conditional probability, check the probability that the gift was offered to a Portuguese citizen, knowing that it was a woman.
For a temperature range between 177 degrees Celsius to 213 degrees Celsius, what is the temperature range in degrees Fahrenheit.
An integer is taken at random from the first 40 positive integers. What is the probability that the integer is divisible by 5 or 6?
The equation of the circle that passes through (5,3) and is tangent to the abscissa axis at x=2 is a.(x-2)^2 (y 3)^2 = 9 b.(x-2)^2 (y-3)^2 = 9 c.(x-2)^2 (y-3)^2 = 4 d.(x-2)^2 (y 1)^2 = 4 e.(x-2)^2 (y-1)^2 = 4
4x/2+5x-3/6=7/8-1/4-x
Primes are numbers divisible only by 1 and themselves; There are infinitely many prime numbers and the first ones are 2, 3, 5, 7, 11, 13, 17, 19, 23, .... Consider a 12-sided die, with the faces numbered from 1 to 12. Out of 4 rolls, the probability that only the first three numbers are primes is:
Three squares have a total area of 35.25 𝑐𝑚2 . The larger square has twice the side-length of the middle-sized square. The smaller square has its side length exactly 0.5 cm smaller than the middle-sixed square. Find the side lengths of each of the three squares.
What’s the slope of a tangent line at x=1 for f(x)=x2. We can find the slopes of a sequence of secant lines that get closer and closer to the tangent line. What we are working towards is the process of finding a “limit” which is a foundational topic of calculus.
3 A tree is planted when it is 1.2 m tall. Every year its growth is 3/8 of its previous year's height. Find how tall the tree will grow.
Use the sample data and confidence level given below to complete parts​ (a) through​ (d). A drug is used to help prevent blood clots in certain patients. In clinical​ trials, among 4336 patients treated with the​ drug, 194 developed the adverse reaction of nausea. Construct a ​99% confidence interval for the proportion of adverse reactions.
392929-9
For what values of m is point P (m, 1 - 2m) in the 2⁰ quadrant?
In a physics degree course, there is an average dropout of 17 students in the first semester. What is the probability that the number of dropouts in the first semester in a randomly selected year has between 13 and 16 students?
36 cars of the same model that were sold in a dealership, and the number of days that each one remained in the dealership yard before being sold is determined. The sample average is 9.75 days, with a sample standard deviation of 2, 39 days. Construct a 95% confidence interval for the population mean number of days that a car remains on the dealership's forecourt
17. A loan for $104259 is taken out for 10 years with an annual interest rate of 9.4%, compounded quarterly. What quarterly payment is required to pay the loan off in 10 years? Enter to the nearest cent (two decimals). Do not use $ signs or commas in the answer.
Given the word WEIRD, determine a four-letter offspring that can be formed with the letters of the word written above
The average weekly earnings in the leisure and hospitality industry group for a re‐ cent year was $273. A random sample of 40 workers showed weekly average ear‐ nings of $285 with the population standard deviation equal to 58. At the 0.05 level of significance can it be concluded that the mean differs from $273? Find a 95% con‐ fidence interval for the weekly earnings and show that it supports the results of the hypothesis test.
-Please answer to the following questions: What is the price elasticity of demand? Can you explain it in your own words? What is the price elasticity of supply? Can you explain it in your own words? What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower quantities, what happens to the measured elasticity? How would you explain that? B-Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answers with supply and demand diagrams. Make sure to properly cite and reference your academic or peer-reviewed sources (minimum 2).

You might be interested in