Problem 601. Retirement savings

At the start of what year will you have reached or exceeded a savings goal?
Parameters (all are constant scalars given in a structure):
  • f.startingSalary: Starting yearly salary
  • f.investRate: Percentage of salary invested each year
  • f.raiseRate: Percentage raise given at beginning of year EXCEPT the first
  • f.returnRate: Percentage gain in invested money
  • f.goal: Savings goal
Simplifying assumptions:
  • All money is invested at the end of the year.
  • Interest is awarded once at the end of the year on money that has been invest for an entire year
  • All interest is reinvested immediately and will gain interest the next year
  • At the beginning of which year will the goal been met or exceeded?

Solution Stats

40.24% Correct | 59.76% Incorrect
Last Solution submitted on Nov 01, 2023

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