20-year old woman wants to retire as a millionaire by the time she turns 50. How much will she have to save at the end of each year if she can earn 5% compounded annually, to have $100,000 by the time she is 50?

20-year old woman wants to retire as a millionaire by the time she turns 50. How much will she have to save at the end of each year if she can earn 5% compounded annually, to have $100,000 by the time she is 50?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 8E

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A 20-year old woman wants to retire as a millionaire by the time she turns 50. How much will she have to save at the end of each year if she can earn 5% compounded annually, to have $100,000 by the time she is 50?

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