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You are now planning your own retirement. You feel that you can retire comfortably if you can amass $1,663,045. You also believe that you can manage to save $8,644 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.83% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places - for instance 12.34776 years would be entered as 12.35.

You are now planning your own retirement. You feel that you can retire comfortably if you can amass $1,663,045. You also believe that you can manage to save $8,644 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.83% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places - for instance 12.34776 years would be entered as 12.35.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 44P
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You are now planning your own retirement. You feel that you can retire comfortably if you can amass $1,663,045. You also believe that you can manage to save $8,644 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.83% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places - for instance 12.34776 years would be entered as 12.35.
Transcribed Image Text:You are now planning your own retirement. You feel that you can retire comfortably if you can amass $1,663,045. You also believe that you can manage to save $8,644 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 12.83% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places - for instance 12.34776 years would be entered as 12.35.
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