You have $50,000 in savings for retirement in an investment earning 7% annually. You aspire to have $1,000,000 in savings when you retire. Assuming you add no more to your savings, how many years will it take to reach your goal

It would take 45 years to the investment for reaching $1,000,000.

Explanation:

In order to determine in how much time the investment of $50,000, with an interest rate of 7% per year, will reach $1,000,000, we must take into account that in the 1st year the account will have $53,500 (50,000 x 1.07 = 53,500).

If we raised this number to 10, we would obtain that in the tenth year said investment would be worth $98,357.56 (50,000 x 1.07 ^ 10 = 98,357.56)

Following this procedure, raising the initial value (50,000 x 1.07) to 20, we find $193,484.22 in the account.

At 30 years, that is, raised to 30, the value in the account will be $380,612.75 (50,000 x 1.07 ^ 30).

Raising said initial sum to 40 years, the account would have a value of $ 748,722.89 (50,000 x 1.07 ^ 40). In turn, raising the initial value to 45 years, we would obtain an account value of $1,050,122.58 (50,000 x 1.07 ^ 45), with which we can determine that the investment will take 45 years to reach the million dollars.

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