Question

"You think that you will be able to retire when you have $1 million dollars in your retirement account. Currently, you only have $200,000 in the account. You plan to save $5000 every year, and your account can generate an annual return of 6%. How many more years you need to work before you can retire?"

Answer 1

23 years

Step-by-step explanation:

PV = 200000

PMT = 5000

RATE = 6%

FV = 1000000

Number of years = Nper(Rate, -Pmt, -Pv, Fv)

Number of years = Nper(6%, -5000, -200000,1000000)

Number of years = 23 years