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Retirement in an investment earning a stated annual rate

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Please assist with the below practice question.

You have $50,000 in savings for retirement in an investment earning a stated annual rate of 7% compounded monthly. You aspire to have $1,000,000 in savings when you retire. Assuming you add no more to your savings, how many years will it take to reach your goal? 

Please round your answer to the nearest hundredth.

Reference no: EM132074970

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