Decide to deposit half of it into savings account each year

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You are 25 years old and have just started a new job that pays $100,000 a year. That is a lot of money, so you decide to deposit half of it into a savings account each year with the goal of becoming a millionaire someday. If the annual interest rate of your savings account is 3%, how old will you be when your savings account balance reaches $1million?

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Reference no: EM131253730

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