SOLUTION: Hi,
Please help. Pretty sure I'm to use: A=P(1+r/m)^mt but want to be sure.
"Suppose that you win $420,000 in a lottery. If this money is invested in a fund paying 6.5% compo
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Question 196328This question is from textbook Finite Math and Applied Calculus
: Hi,
Please help. Pretty sure I'm to use: A=P(1+r/m)^mt but want to be sure.
"Suppose that you win $420,000 in a lottery. If this money is invested in a fund paying 6.5% compounded weekly, how long (in weeks) will you need to wait to become a millionaire?"
thank you in advance for your help!
This question is from textbook Finite Math and Applied Calculus
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
:
:
log2.38 =.376759395
:
log =52tlog(1.00125)
:
.3768=52t(.00054)
:
.3768=.02808t
:
t=13.42 years
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