Question

John saved $50,000. and wants to put the money into an Index Annuity that pays an average of 8.4% per year, compounded semi-annually. How long will it take him to reach his goal of $1,000,000?

Answer 1

Divide 50,000 by 8.4...get that number and add it to the 50,000, divide again by 8.4 and add back, repeat until you reach 1,000,000... happy adding