Problem
Assume that you plan to retire 40 years from now and that you expect to need $2M to support the lifestyle that you want.
(a) If the interest rate is 10%, is the following statement approximately true? "Waiting 5 years to start saving double is what you must deposit each year."
(b) If the interest rate is 12%, is the required multiplier higher or lower than for the 5% rate in (a)?
(c) At what interest rate is the following statement exactly true? "Waiting 5 years to start saving doubles what you must deposit each year
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.