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You feel that you will need $3.9 million in your retirement account and when you reach...

You feel that you will need $3.9 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $560 per month until you reach your goal. How many years will it be until you reach your goal and retire? Multiple Choice • 34.33 years • 48.36 years • 40.05 years • 36.97 years • 41.90 years

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Answer #1

use excel function as below

many years will it be until you reach your goal and retire

=NPER(rate,pmt,pv,fv)

=(NPER(10.3%/12,-560,0,3.9*1000000))/12

=40.05 years

the above is answer..

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