SOLUTION: Maybe I have solved it will you see if I ave done it correctly? I need help. Investing in stocks-US small companystocks have returned an average of 14.9% annually for the last 50

Question 150445: Maybe I have solved it will you see if I ave done it correctly? I need help.
Investing in stocks-US small companystocks have returned an average of 14.9% annually for the last 50 years. Use the present value formula...P=A(1+r)^n...
to find the amount invested today in small company stocks that would be worth $1million in 50 years, assuming that small company stocks continue to return 14.95% annually for the next 50 years.
this is not exactly the given formula but........
F=P(1+(r/n))^nt
1000000=P(1+.149/1)^50
1000000=P(1.149)^50
=1000000/(1.149)^50
=1000000/1037.531843
=$963.83 = amount to invest
Please help this old grandma trying to learn math.
Thanks
Answer by vleith(2983) (Show Source): You can put this solution on YOUR website!
You got it. Not a lot of upfront cash. But a very nice rate for a very long time...
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