SOLUTION: Please help with this problem:Becoming a millionaire: How much would you have to invest now at 6.5% interest compounded semi-annually to have a million dollars in 40 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Please help with this problem:Becoming a millionaire: How much would you have to invest now at 6.5% interest compounded semi-annually to have a million dollars in 40 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 149770: Please help with this problem:Becoming a millionaire: How much would you have to invest now at 6.5% interest compounded semi-annually to have a million dollars in 40 years?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
1,000,000=x(1+.065/2)^40*2
1,000,000=x(1.0325)^80
1,000,000=12.9183x
x=1,000,000/12.9183
x=$77,409.57 would be the initial investment.