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Compute how old will be when the account has target amount

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Problem 1: You are 20 years old and plan to retire with $1,000,000. You have $22,500 available for investment now. You deposit this into an account that pays 9.25% interest compounded annually? How old will you be when the account has the target amount? (Answers are rounded.)

A. 61
B. 59
C. 65
D. 57
E. 63
F. 55

 

Reference no: EM132720243

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