Using the “Cool Million” Chart An interactive “Cool Million” chart on Connect enables you to visualize the growth of your retirement savings over several years. Another feature allows you to determine what changes you would need to make to your investment plan for you to attain nominal “millionaire” status on your 65th birthday. Go to the Student Edition on Connect. In Chapter 11, find “Cool Million.” Enter data for an investment plan that will be reasonable for you after you gain full-time employment. Note that the “Expected rate of return” and the “Expected inflation rate” are both annually compounded rates. Click on the “Calculate” button to generate a new chart. The series of blue bars shows the growth of your investments. If you move your cursor over any bar, the numerical value (in $000s) will be displayed. The series of purple bars represents the inflation-adjusted value, or purchasing power, of the investments in terms of dollars at the very beginning—the “Your age” date. If you click on the “View Report” button, a window containing a bulleted list of three suggested changes will appear. Any one of these changes to your savings plan will enable you to accumulate (a nominal) 1,000,000 at your target retirement age. Adjust one or more items in your input data to arrive at a plan that represents your best chance of entering retirement as a millionaire. What will be the purchasing power of your nominal 1,000,000 in beginning dollars?
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