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James's friend, Brandon, has hired a financial planner for advice on retirement
James's friend, Brandon, has hired a financial planner for advice on retirement. Considering Brandon's current expenses and expected future lifestyle changes, the financial planner has stated that once Brandon crosses a threshold of $19,388,019 in savings, he will have enough money for retirement. Brandon has nothing saved for his retirement yet, so he plans to start depositing $55,000 in a retirement fund at a fixed rate of 12.00% at the end of each year. It will take years for Brandon to reach his retirement goal.
Expert Solution
We can calculate the number of years by using the following formula in excel:-
=nper(rate,-pmt,pv,fv)
Here,
Nper = Number of years
Rate = 12.00%
Pmt = $55,000
PV = $0
FV = $19,388,019
Substituting the values in formula:
=nper(12%,-55000,0,19388019)
= 33.25 years
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