Sam refuses to retire until his retirement account has a balance of at least $1 million. The account currently has a balance of $500,000, and earns a rate of 9%, compounded monthly. If
Sam does not plan to make any more deposits into his account, how long will he have to wait
Until he retires?
A)15.2 years
B)7.8 years
C)9.4 years
D)12.1 years

Question

Quizplus · Accepted Answer

The Answer of Sam refuses to retire until his retirement account has a balance of at least $1 million. The account currently has a balance of $500,000, and earns a rate of 9%, compounded monthly. If
Sam does not plan to make any more deposits into his account, how long will he have to wait
Until he retires?
A)15.2 years
B)7.8 years
C)9.4 years
D)12.1 years

Sam Refuses to Retire Until His Retirement Account Has a Balance