You are a well-paid engineer with a well-established international corporation. In planning for your retirement, you are optimistic and expect to make an investment of $10,000 in year 1 and increase this amount by 10% each year. How long will it take for your account to have a future worth of $2,000,000 at a rate of return of 7% per year?
What will be an ideal response?
Here is one approach to the solution using NPV and FV functions with results (left below) and formulas (right below).
(a) 26 years; (b) 30 years, only 4 years more than the $2 million milestone.
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