As you should, you regularly discuss your retirement plan options with your spouse. He or she is not comfortable with the high risk investment options and prefers the two of you invest your $250 monthly deposit in a low risk 7% growth mutual fund. If you two are 20 now, how many years away are you from hitting your $1.5M retirement goal?
A) 51.34 years
B) 5.134 years
C) 513.4 years
D) 54.31 years
E) 100 years
A) 51.34 years
Explanation: I/Y = 7/12 =.5833
PMT = -250.00
FV = 1,500,000
CPT N = 616/12 = 51.34
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