USE AN EXCEL SPREADSHEET
You are planning for an early retirement, so you decide to invest $5,000 per year, starting at age 27. You plan to retire when you can accumulate $1M. If the average rate of return on your investments is 9.25%, how old will you be when you accumulate the $1,500,000.
The solution determines how old you will be when planning for retirement when you accumulate $1,500,000.