Thrilled about spending your entire life working

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1. You are not thrilled about spending your entire life working. So, you have decided that you will save $8 thousand a year, starting at the end of this year, and retire as soon as you can accumulate $1 million. If you can earn an average of 7.89 percent on your savings, how many years will pass before you get to retire?

Enter answer in years, accurate to two decimal places.

2. How much money must you invest today, at 8.6 percent fixed annual interest rate, in order to have 10 thousand in 11 years?

Reference no: EM131027102

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