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Problem 601. Retirement savings

Created by Doug Hull

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

Return:

  • At the beginning of which year will the goal been met or exceeded?

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17 solvers submitted 43 solutions (2.53 solutions/solver).

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