Engineering economics question

Posted on 2014-04-01 07:39:00 in Engineering by NATE

A young woman, 22 years old, has just graduated from college. She accepts a good job and desires to establish her own retirement fund. At the end of each year thereafter she plans to deposit ?2,000 in a fund at 15% annual interest. How old will she be when the fund has an accumulated value of?1,000,000?



According to the book, the answer is 53 years old.

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