Larry has decided to retire once he has $1,000,000 in his retirement account. At the end of each year, he will contribute $6,000 to the account, which is expected to provide an annual return of 7.5%. How many years will it take until he can retire?
35 years
36 years
40 years
38 years
31 years
Suppose Larry's friend, Dylan, has the same retirement plan, saving $6,000 at the end of each year and retiring once he hits $1,000,000. However, Dylan's account is expected to provide an annual return of 9.1%. How much sooner can Dylan retire?
7 years
5 years
6 years
4 years
2 years
After 25 years, neither Larry nor Dylan will have enough money to retire, but how much more will Dylan's account be worth at this time?
$215,877
$109,283
$107,938
$141,056
$169,363
Larry is jealous of Dylan because Dylan is scheduled to retire before him, so Larry decides to make whatever end-of-year contribution is necessary to reach the $1,000,000 goal at the same time as Dylan. If Larry continues to earn 7.5% annual interest, what annual contributions must he make in order to retire at the same time as Dylan?
$9,873
$11,320
$16,452
$8,226
$7,751