If your goal is to retire with at least $1 million, how long would it take—and how much would you need to invest each month—if y
2 answers:
Answer:
There is no simple one size fits all answer to this question, because I need a few more variables to solve it. Or you can go to bankrate.com and use the millionaire calculator and figure it out on your own. I put a sample in the photo.
Hope this helps!;)
Step-by-step explanation:
1. Your age= 25
2. Target age=? obviously you don't want to be too old to spend it.
3. Current investments=? how much are you starting with 0 or more?
4. Savings per month=? only you know how much you can set aside out of your income
5. Expected rate of return=10%
6. Expected inflation rate= 2.9% (last I heard 2021)
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Answer:
a = 1.5
b = 1.75
Step-by-step explanation:
First, we need to solve and replace the result in the initial equation as:
Then, this equality apply only if the coefficient of is equal in both sides and the constant is equal in both sides.
It means that we have two equations:
So, using the first equation and solving for a, we get:
Finally, replacing the value of a in the second equation and solving for b, we get: