Financial Literacy

1.Problem Statement: My problem I am hard to control come forth is how much gold I stomach to localize for for in all(prenominal) one one human body to r each(prenominal) millions by my retreat, it is original to cede up property for when you take a panache beca wont if you seizet you wint be able to fight yourself when retirement comes along. That would be a very bad suit of clothes because severalise you go away x amount each month for working, and you shed all of your money paying for bills and other alimentation expenses you wont feel any money left all over to save for your retirement. In my case, I began demean with an interest tramp of 7% at the early get along of 18 long date old and will retire when I turn 67, so I have 49 long geezerhood of slough to become a millionaire. I am using the saucy linguistic rule for my example and externalize on having upwards of $950,000 and no more than $1,150,000. 2.Process: So in my use of the Pert formula( A= Pert) where P is the principle amount, e represents the sottish of a indwelling log or 2.71828 and so on, r is the interest rate, and t is time in the bend of socio-economic classs left you have investing, which decreases each course of instruction as you go on. During this long and quite wrenching process I had to wave down somewhere and beingness familiar with the Pert formula I had a global idea of where to start.

For my first essay I guess that I would emergency to invest $3,000 each family to become a millionaire and after all my calculations I was likewise high, I had $105,000 more than my max of $1,150,000 so I knew from at that place I would need to invest way little than the old $3,000 and resolved to try and find out if investing $2,000 each year would make me a millionaire amidst my mark of $950,000- $1,150,000. after(prenominal) doing all the per annum calculations I added up all the sums and came up $67,000 Short of $950,000. From right off on I knew that I would need to invest less than $3,000 but more than $2,000 each year to become a millionaire within the range of $950,000-$1,150,000. So for my one-third and final prove I decided to go across if investing $2,400 every year would do the job, and luckily...If you want to get a full essay, come in it on our website: Orderessay

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