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Want to invest in something

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Old Aug 31, 2006 | 12:11 PM
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magician
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Originally Posted by ItsBen,Aug 31 2006, 12:01 PM
I've read somewhere that by putting $5k in some kind of IRA account by age 21 would turn into a million dollars when I retire at 65. Anyone know if this is true?
That would require an average annual interest rate of 12.8%.

I wouldn't bet on getting that.
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Old Aug 31, 2006 | 12:24 PM
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ItsBen
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Yea, I just calculated it.. about 12% interest. Damn I need to find that article again.
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Old Aug 31, 2006 | 01:22 PM
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Start putting $5K a year in a IRA now and you'll be able to spend on toys like a drunken sailor later.
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