# TVOM - this money How long will it take to meet this goal...

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1. You need to have \$1,000,000 for retirement. You have \$5,000. You plan on retiring in 35 years. Assuming that you do not want to make any additional contributions, what interest rate would you need to achieve your goals? Answer: 16.34% Payments per year: 1 N = 35 I/Y = ? PV = (5,000) PMT = 0 FV = 1,000,000 2. You have \$1000. You need to have \$5,000. You anticipate you can earn 10% on
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Unformatted text preview: this money. How long will it take to meet this goal? Answer: 16.89 Years Payments per year: 1 N = ? I/Y = 10 PV = (1,000) PMT = 0 FV = 5,000 3. You have \$50,000. You think you can earn 10% on these funds. How much would this be worth in 25 years? Answer: \$541,735 Payments per year: 1 N = 25 I/Y = 10 PV = 50,000 PMT = 0 FV = ?...
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## This note was uploaded on 01/23/2012 for the course MGT 111 taught by Professor Unknown during the Spring '11 term at Washington State University .

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