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Assume that you are 26 and just received your MBA. After reading the introduction to this chapter, you decide to start investing in the for your .
Assume that you are 26 and just received your MBA. After reading the introduction to this chapter, you decide to start investing in the for your . Your goal is to have $1 million when you retire at age 65. Assuming you earn 10% annually on your , how much must you invest at the end of each year in order to reach your goal? What if you are like most 26-year-olds and wait until later to worry about retirement? If you wait until age 40, how much must you invest at the end of each year in order to reach your goal? If you wait until age 50, how much must you invest at the end of each year in order to reach your goal? Use your results to analyze the power of compound interest.
