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abruzzese [7]
3 years ago
9

Susan has a 401k plan through her job and has accumulated $375,000 in her account. Her company has invested her funts in a high

interest bearing account yielding 8% per year. She would like to retire with $600,000 in her account. When will she be able to retire?
Business
1 answer:
Fofino [41]3 years ago
5 0

Answer:

6.1 years

Explanation:

Data provided in the question:

Principle amount = $375,000

Interest rate, r = 8% = 0.08

Future value = $600,000

Now,

Using the compounding formula

Future value = Principle × [ 1 + r ]ⁿ

Here,

n is the time

thus,

$600,000 = $375,000 × [ 1 + 0.08 ]ⁿ

or

1.6 = 1.08ⁿ

taking log both the sides, we have

n × ln(1.08) = ln(1.6)

or

n = 6.1 years

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Answer:

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