Future value of a portfolio. Rachel and Richard want to know when their current portfolio will be sufficient for them to retire. They have the following balances in their? portfolio:
Money market account? (MM): ?$34,000
Government bond mutual fund? (GB): ?$130,000
Large capital mutual fund? (LC): ?$103,000
Small capital mutual fund? (SC): ?$75,000
Real estate trust fund? (RE): ?$88,000
Rachel and Richard believe they need at least ?$1,500,000 to retire. The money market account grows at 3.5 % annually, the government bond mutual fund grows at 5.0 % annually, the large capital mutual fund grows at 10.5 % annually, the small capital mutual fund grows at 13.5 % annually, and the real estate trust fund grows at 4.5 % annually. With the assumption that no more funds will be deposited into any of these? accounts, how long will it be until they reach the ?$1,500,000 goal?
How many years or more to reach 1,500,000?
?(Round to the nearest whole? number.)