Find the year that your retirement account first exceeds (a) $2 million, and (b) then $3 million. In setting up the spreadsheet you wish to know the amount that must be deposited each year. Use any spreadsheet functions that you choose.
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?
Here is one approach to the solution using NPV and FV functions with results (left below) and formulas (right below).
 ANSWER.png)
Answers: (a) 26 years; (b) 30 years, only 4 years more than the $2 million milestone.
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