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12 October, 07:58

You have decided that you want to be a millionaire when you retire in 44 years. if you can earn an annual return of 11.4 percent, how much do you have to invest today?

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  1. 12 October, 08:11
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    To become a millionaire ($1,000,000) in 44 years, one needs to make the following investment today, given an annual return of 11.14 percent:

    $1,000,000 / ((1.1114) ^44) $1,000,000 / 104.3031$9,587.44
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