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A mechanical engineer, who owns her own consulting business, plans to retire when she has accumulated...

A mechanical engineer, who owns her own consulting business, plans to retire when she has accumulated $1,500,000. She estimates that she can invest $25,000 per year with an interest rate of 15% per year. If she is now 22 years old, what is her age when she retires? Draw a cash flow diagram as well. (Be sure to label both axis with correct units.)

- please neatly draw cash flow diagram as well as clearly labeling both axis with correct unit. The answer for her retirement age should come out to be around 38.5/39 years old.

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Answer #1

1, 500,000 24 22 1 15% 25,000 a5,000 25,000 FV - 1,500,000 CIti) 25,000 1,500, 000 lo15-( -> O.15 1.155 log 10 nlogriby -) 16

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