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    spop's Avatar
    spop Posts: 34, Reputation: 2
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    #1

    Oct 17, 2007, 11:36 AM
    $12,000,000 at retirement. How?
    If you want to have $12,000,000 at retirement. You start to deposit $40,000 per year at 12% into your retirement account. How many years will it take you to have that amount? And how do you calculate this information to get that answer?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Oct 17, 2007, 12:35 PM
    31 Years.

    The brute force way is like this - find N such that:

    40,000 * [ (1+i) + (1+i)^2 + (1+i)^3 +... + (1+i)^N] >= 12,000,000

    You can set up a pretty simple spreadsheet to see how large N has to be to satsify the condition.
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