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Suppose an investor wants to have $10 million to retire 45 years from now. How much would she have to invest today with an annual rate of return equal to 15 percent?

- a)$18,561
- b)$17,844
- c)$20,003
- d)$21,345

Correct answer is option 'A'. Can you explain this answer?

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Suppose an investor wants to have $10 million to retire 45 years from now. How much would she have to invest today with an annual rate of return equal to 15 percent?a)$18,561b)$17,844c)$20,003d)$21,345Correct answer is option 'A'. Can you explain this answer?

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A= P( 1+i)^n

1 million=10,00,000

10 million=1,00,00,000

1,00,00,000 = P (1.15)^45

1,00,00,000) = P (538.769268949)

1,00,00,000/538.7692 =P

18560.82 =P

1 million=10,00,000

10 million=1,00,00,000

1,00,00,000 = P (1.15)^45

1,00,00,000) = P (538.769268949)

1,00,00,000/538.7692 =P

18560.82 =P

Using formula for Compound interestA=P(1 i)^nHere,A=10,000,000 i=0.15 n=45 10,000,000=P(1.15)^45 P = 18,560.82 ~ 18,561

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