Years | Institution | Greatest APY (annual percentage yield) |
Years to make
$1,000,000 From the compound interest calculator |
1 year | |||
3 years | |||
5 years |
Use the compound interest calculator to find the interest rate necessary to have
$1,000,000 by the time you reach age 65 ( the current retirement age). Assume
you start investing at age 18 - for the high school graduate, 22 - for the college graduate,
and 26 - for the graduate student. Round your answer to the nearest hundredth of a percent
and record this number below.
Interest rate needed to have $1,000,000 by the age of 65: ___________________________