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Establish retirement fund

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After graduating from JCU 10 years ago, Harry has been able to save $1,000 monthly, and he has not used his savings till now. Bank's savings interest rate stays unchanged at 1% p.a. throughout the last 10-year. In addition, Harry thinks 10% of his savings should be used for the emergency funds, and the remaining should go to investments. Thus, Harry starts planning to establish his retirement fund in 20-year times and feels he will need $1,000,000 to do so by the age of 55. Assume Harry's savings remain consistent and constant throughout the years.

Reference no: EM133120221

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