Answer:
To find out how many years it will take to reach your goal of $1,000,000 with your current savings and the stated annual rate of 7% compounded monthly, you can use the formula for compound interest:A = P(1 + r/n)^(nt)Where:A is the future value of the investment (the amount you will have saved at retirement)P is the present value of the investment (the amount you currently have saved)r is the annual interest rate (expressed as a decimal)n is the number of times the interest is compounded per yeart is the number of yearsIf we plug in the values from the problem, we get:1,000,000 = 50,000(1 + 0.07/12)^(12*t)To solve for t, we can take the natural logarithm of both sides:ln(1,000,000) = ln(50,000(1 + 0.07/12)^(12*t))then, divide both sides by ln(1 + 0.07/12) and multiply by 12t = (ln(1,000,000) - ln(50,000)) / (12*ln(1 + 0.07/12))t = approximately 30 yearsSo, it will take around 30 years to reach your goal of $1,000,000 assuming you add no more money and earn the stated annual rate of 7% compounded monthly.
Explanation:
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