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
110 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)
Triangle ABC has side lengths AB = 5cm, BC = 12cm, and AC = 13cm. Find the measure of angle ABC in degrees.
+
Which exponential function has a base of 10 and another exponential function has a base of e?
+
What is the equation of a circle centered at (3, -2) with a radius of 5?
+
New questions in Mathematics
Students Ana Beatriz and Paula decided to register on a website with exercises to study for upcoming simulations, but to register on this website, they need to choose a password consisting of five characters, three numbers and two letters (capital letters). or lowercase). Letters and numbers can be in any position. They know that the alphabet is made up of twenty-six letters and that an uppercase letter differs from a lowercase letter in a password. What is the total number of possible passwords for registering on this site?
I want to divide R$ 2200.00 between Antônio, Beto and Cássia, so that Beto receives half from Antônio and Cássia receives a third of Beto. Under these conditions, how much more will Beto receive than Cássia?
Evaluate limx→∞tan−1(x) using that y=tan−1(x) exactly when x=tan(y) . (Hint: Both tan and tan−1 are continuous!)
solve the following trigo equation for 0°<= x <= 360°. sec x =-2
B - (-4)=10
Suppose 50% of the doctors and hospital are surgeons if a sample of 576 doctors is selected what is the probability that the sample proportion of surgeons will be greater than 55% round your answer to four decimal places
9b^2-6b-5
3(2•1+3)4
20% of 3500
I want you to solve this problem as a grade sixth pupil in primary school: 8 Pigs ate 6 bags of fee in 20 days. How long will it take 10 pigs to eat 15 bags of feed eating at the same rate?
A box of numbered pens has 12 red, 12 blue, 12 green and 12 yellow pens. The pens for each colour are numbered from 1 to 12. There is a unique number on each pen, so no pen is exactly the same as any other pen in the box. When reaching into the box to randomly draw five pens without replacement, what is the proportion of getting exactly four pens of the same colour (Note: the numbers matter but the order does not)?
The simple average of 15 , 30 , 40 , and 45 is
John he’s going to the carnival with his friends. He spends $25 on an admission ticket. He buys 10 games at X dollars each and two boxes of popcorn at Y dollars each. Write an expression to show the total cost of admission game, tickets and popcorn.
Three machines called A, B and C, produce 43%, 26% and 31% of the total production of a company, respectively. Furthermore, it has been detected that 8%, 2% and 1.6% of the product manufactured by these machines is defective. a) What is the probability that a product is not defective? b) A product is selected at random and found to be defective, what is the probability that it was manufactured on machine B?
Determine a general formula​ (or formulas) for the solution to the following equation.​ Then, determine the specific solutions​ (if any) on the interval [0,2π). cos30=0
Find the number of pounds of nails required for 17850 square feet of drywall if each thousand square feet requires 4.5 pounds of nails.
A psychologist is investigating the levels of test anxiety in various university courses. Anxiety is measured on a scale ranging from 0 to 100, where 0 indicates the complete absence of anxiety and 100 represents an extreme level of anxiety. From the data obtained, it has been discovered that the psychology score is triple that of nursing, and in turn, the latter has a score 10 points lower than the nutrition major. Furthermore, the score in the veterinary degree is 15 points higher than that of nutrition. Finally, if we add the scores of all the races, we will obtain a total of 173 points. Pose the equation that represents the situation described in the previous problem and determine: What is the score that psychology obtained regarding its anxiety level before the exams?
Given a circle 𝑘(𝑆; 𝑟 = 4 𝑐𝑚) and a line |𝐴𝐵| = 2 𝑐𝑚. Determine and construct the set of all centers of circles that touch circle 𝑘 and have radius 𝑟 = |𝐴𝐵|
8. Measurement Jillian measured the distance around a small fish pond to be 27 yards. What would be a good estimate of the distance across the pond: 14 yards, 9 yards, or 7 yards? Explain how you decided.
23,456 + 3,451

You might be interested in