3. Sarah wants to have $2,000,000 in net worth when he retires. To achieve this goal, she plans to invest $1,000 each year (starting one year from now) into an account of time that earns 10% interest rate compounded annually. The amount of time Sarah can retire as a multimillionaire is how many years? a. 31.94 (32 years) b. 55.64 (56 years) c. 25.56 (26 years) d. 20.36 (20 years)

3. Sarah wants to have $2,000,000 in net worth when he retires. To achieve this goal, she plans to invest $1,000 each year (starting one year from now) into an account of time that earns 10% interest rate compounded annually. The amount of time Sarah can retire as a multimillionaire is how many years? a. 31.94 (32 years) b. 55.64 (56 years) c. 25.56 (26 years) d. 20.36 (20 years)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter17: Financial Markets

Section: Chapter Questions

Problem 5SCQ: Investors sometimes fear that a high-risk investment is especially likely to have low returns. Is...

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