Tony is evaluating his retirement savings. He currently has $318,000 in his account, which earns an interest rate of 7% compounded annually. He wants to determine how much he will have in his account in the future, even if he makes no additional contributions. Tony's goal is to save $1,000,000. Determine how many years it will take him to achieve his goal.
Tony is evaluating his retirement savings. He currently has $318,000 in his account, which earns an interest rate of 7% compounded annually. He wants to determine how much he will have in his account in the future, even if he makes no additional contributions. Tony's goal is to save $1,000,000. Determine how many years it will take him to achieve his goal.
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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