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Work four summers, starting at age 16
Save the income in a Roth IRA account Invest it in a simple, low-cost equity portfolio Simmer slowly for 47 years Serve ungarnished (and untaxed) at age 67 If your money is invested in common stocks and you achieve the average compound annual rate on large-capitalization U.S. stocks, 10.7%, your account will grow to $9,378 at the end of the fourth year. You will be 20 years old. Invested in the same way, with no additional savings, the account will grow to: $25,917 by the time you are 30 $71,625 by the time you are 40 $197,943 by the time you are 50 $547,037 by the time you are 60 And $1,114,423 by the time you are 67 is there a function that will give me this answer without using multiple rows and columns to calculate this. |
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