SOLUTION: YOU HAVE JUST WON $100,000 FROM A LOTTERY. IF YOU INVEST ALL THIS AMOUNT IN A TAX FREE MONEY MARKET FUND EARNING 7% COMPOUNDED WEEKLY, HOW LONG DO YOU HAVE TO WAIT TO BECOME A MILL

Question 886910: YOU HAVE JUST WON $100,000 FROM A LOTTERY. IF YOU INVEST ALL THIS AMOUNT IN A TAX FREE MONEY MARKET FUND EARNING 7% COMPOUNDED WEEKLY, HOW LONG DO YOU HAVE TO WAIT TO BECOME A MILLIONAIRE?
***USE LOG FORMULA***
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
YOU HAVE JUST WON $100,000 FROM A LOTTERY. IF YOU INVEST ALL THIS AMOUNT IN A TAX FREE MONEY MARKET FUND EARNING 7% COMPOUNDED WEEKLY, HOW LONG DO YOU HAVE TO WAIT TO BECOME A MILLIONAIRE?
-----------------
FV = PV*(1 + r)^t
FV = 1000000
PV = 100000
r = interest rate = 7%/yr = 0.07/52 per week
Solve for t in weeks.
RELATED QUESTIONS
You have just won $150,000 from a lottery. If you invest all this amount in a tax-free... (answered by Boreal)

Please Help with this problem: You have just won 100,000.00 from a lottery. If you... (answered by ankor@dixie-net.com)

You have just received $115,000 from the estate of a long-lost rich uncle. If you invest... (answered by nerdybill)

George decided to invest a certain amount of money, some at an annual interest rate of... (answered by greenestamps)

You have $30,000 to invest in two stock funds. The first fund pays 5% annual (answered by ikleyn,greenestamps)

Hello, I am needing help on this money/percentage problem....I dont know where to start... (answered by Earlsdon)

Suppose you are a manager for a certain company. You earn $50,000 per year and are in the (answered by CPhill)

You have just won a lottery! You will receive $50,000 a year beginning one year from now... (answered by )

Jose invested $5,000.00. He invested part of it in a bond fund paying 5%, and the rest in (answered by ikdeep)