SOLUTION: Please help :c) At an interest rate of 10%, what is present value of $1m to be received in: 150 years?

Algebra ->  Algebra  -> Finance -> SOLUTION: Please help :c) At an interest rate of 10%, what is present value of $1m to be received in: 150 years?      Log On

Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

   

Question 346122: Please help :c)
At an interest rate of 10%, what is present value of $1m to be received in:
150 years?
Answer by Fombitz(13828) About Me  (Show Source):
You can put this solution on YOUR website!
1000000=P%281%2B0.1%29%5E150
1000000=P%281617717%29
P=0.62
62 cents invested at 10% for 150 years will yield $1,000,000.
Save your pennies.