Questions on Word Problems: Money, Business and Interest answered by real tutors!

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Question 150740: If you put 420,000 in a fund paying 6.5% compounded weekly. How long will it take to become a millionaire?: If you put 420,000 in a fund paying 6.5% compounded weekly. How long will it take to become a millionaire?
Answer by mangopeeler07(428) About Me  (Show Source):
You can put this solution on YOUR website!
1,000,000-420,000=580,000-------------------money you need to gain

(.065)(420,000)=27,300----------------------6.5% of 420,000

580,000/27,300=21.2454----------------------Exact amount of weeks it would take to become a millionaire.

Answer:
Approximately 21 weeks