Katie is 25 years old and wants to save $1 million for retirement in 30 years. Assume she invests in a savings account that earns at least the current rate of inflation (6.7%). Determine how much money Katie must save based on the number of years that she waits to start saving to reach her retirement goal. Years of Waiting to Save Principal Required 0 10 20 30 $1,000,000
Katie is 25 years old and wants to save $1 million for retirement in 30 years. Assume she invests in a savings account that earns at least the current rate of inflation (6.7%). Determine how much money Katie must save based on the number of years that she waits to start saving to reach her retirement goal. Years of Waiting to Save Principal Required 0 10 20 30 $1,000,000
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 15E
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Katie is 25 years old and wants to save $1 million for retirement in 30 years. Assume she invests in a savings account that earns at least the current rate of inflation (6.7%). Determine how much money Katie must save based on the number of years that she waits to start saving to reach her retirement goal.
Years of Waiting to Save | Principal Required |
0 | |
10 | |
20 | |
30 | $1,000,000 |
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