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economics

a beautiful girl 22 years young has just graduated from college. She accepts a good job and desire to establish her own retirement fund. At the end of each year there after she plans to deposit 2000 in the fund out 15% annual . How old will she when the fund has an accumulated value of 1000000

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jecren

  1. Ignoring the absurd wording of the question ....

    2000(1.15^n - 1)/.15 = 1,000,000
    1.15^n - 1 = 75
    1.15^n = 76
    take logs of both sides and use log rules

    n log 1.15 = log 76
    n = log 76/log 1.15 = appr 31 years

    let me know where you get 15% return in a retirement fund and I will reinvest by pension plan.

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    Reiny

  2. Absolutely!! I'd love to find something that gives 15% return!!

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    Writeacher

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