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You plan to retire as soon as you can accumulate 1 million

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Today is your 21st birthday and you just decided to start saving money so you can retire early. Thus, you are going to save $500 a month starting one month from now. You plan to retire as soon as you can accumulate $1 million. If you can earn an average of 8 percent on your savings, how old will you be when you retire?

A. 42.87 years old

B. 33.39 years old

C. 63.87 years old

D. 64.71 years old

E. 54.39 years old.

Reference no: EM13575242

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