Employee Plus Employer Contributions to a 401(k) Are $15,000 Per

Employee plus employer contributions to a 401(k) are $15,000 per year. Equity funds are earning 15%, bond funds 8%, and money market funds 6%. The employee wants to retire as soon as possible with $1 million in retirement assets. If he puts 50% of his money in stocks, 30% in bonds, and 20% in money funds, how long until he can expect to retire?

A) 3.3 years
B) 9.7 years
C) 4.6 years
D) 2.4 years
E) 12.2 years rate of return = (15%x0.5) + (8%x0.3) + (6%x0.2) = 11.10%; 1,000,000/15,000 = FVIFA (11.10%, N) ; solve for N with financial calculator or use log rule and annuity formula.