Isabella started saving for her retirement 15 years ago. If she invested $30,000 in a stock fund that averaged a 15% rate of return over the 15year period, and expects to make no more investments and average a 9% return in the future, how long will it be before she has $1,000,000 in her retirement account?

Isabella started saving for her retirement 15 years ago. If she invested $30,000 in a stock fund that averaged a 15% rate of return over the 15year period, and expects to make no more investments and average a 9% return in the future, how long will it be before she has $1,000,000 in her retirement account?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 10P

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