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How many years will you have to wait to retire

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Question: 1) You plan to retire when you have $1,000,000 in savings. You can make a deposit of $350 per quarter into a retirement saving account that pays 12 percent annual interest rate compounded quarterly. How many years will you have to wait to retire?

2) You invest $10,000 into a savings account that pays an annual interest rate of 11.25%, compounded monthly. How much would you have in your account after 15 years?

3) You purchased a rare baseball card for $10,000 as an investment. Five years later you accidentally spilled coffee on it while working on your finance exam and were forced to sell it for $6,000. What rate of return did you earn? (Hint: It is negative!)

Reference no: EM132753553

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