Savings for retirement in investment earning

Assignment Help Financial Management

Reference no: EM131860704

You have $50,000 in savings for retirement in an investment earning a stated annual rate of 11% compounded monthly. You aspire to have $1,000,000 in savings when you retire. Assuming you add no more to your savings, how many years will it take to reach your goal? Please round your answer to the nearest hundredth. Note that the HP 12c financial calculator rounds up the periods result to the next integer and will not give the correct answer to the nearest hundredth. Therefore, you should use Excel or a financial calculator that does provide decimal precision to the number of periods.

Reference no: EM131860704

Questions Cloud

Find the characteristics of communication : Pick a movie and watch it, then using PowerPoint create a short presentation describing elements which you learned from this week's lesson:

Explore the common themes of critical theory : Propose two (2) strategies that you as an instructor could leverage in order to encourage inclusiveness within particular educational context.

What is the skewness statistic for age at enrollment : What is the skewness statistic for "Age at Enrollment"? How would you characterize the magnitude of the skewness statistic for "Age at Enrollment"?

What is the first main point or reason of your paper : What is the first main point or reason of your paper? What evidence have you found that supports your point? Explain how this evidence supports your point?

Savings for retirement in investment earning : You have $50,000 in savings for retirement in an investment earning a stated annual rate of 11% compounded monthly.

How likely is it to earn a return between 2 percent : An investment strategy has an expected return of 8 percent and a standard deviation of 6 percent. Assume investment returns are bell shaped.

Propose instructional activities to deliver training : Determine how the selected theoretical model and the intended audience characteristics could influence your evaluation strategies.

What is the present value of series of payments : What is the present value of a series of payments received each year for 6 years,

The first payment is received one year from now : What is the present value of $400 paid each year forever, assuming a discount rate of 11% and the first payment is received one year from now?

User Account

All Pages