You plan on retiring in 30 years. You currently have $200,000 and think you will need $1,000,000 to retire. Assuming that you don't deposit any additional money into the account, what annual return will you need to earn to meet this goal?

You plan on retiring in 30 years. You currently have $200,000 and think you will need $1,000,000 to retire. Assuming that you don't deposit any additional money into the account, what annual return will you need to earn to meet this goal?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 10E

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Question

You plan on retiring in 30 years. You
currently have $200,000 and think you will
need $1,000,000 to retire. Assuming that
you don't deposit any additional money into
the account, what annual return will you
need to earn to meet this goal?

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