SOLUTION: Warren invests $1000 in stock that earns 6% annually.How many years will it take him to become a millionaire?
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Question 310820: Warren invests $1000 in stock that earns 6% annually.How many years will it take him to become a millionaire?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
To turn 1000 into 1000000, you need to multiply by 1000. Assuming that the interest only compounds annually:
^n\ =\ 1000000)
and solve for 
Divide both sides by 1000
^n\ =\ 1000)
Take the base 10 log of both sides:
^n\ =\ \log(1000))
Then since \ =\ 3)
,
\ =\ 3)
}\ \approx\ 118.5)
years
The boy needs to increase his initial investment a bit, n'est-ce pas?
John
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