document.write( "Question 967716: How long will it take to earn your first million dollars if you annually invest $1000 into an IRA at 10% interest compounded monthly.
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Algebra.Com's Answer #591482 by MathTherapy(10555) $\"\"$ $\"About$

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How long will it take to earn your first million dollars if you annually invest $1000 into an IRA at 10% interest compounded monthly.
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Use Future Value of Ordinary Annuity formula: 
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document.write( " ------ Cross-multiplying
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document.write( " ---------- Exponential form
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document.write( " -------- Logarithmic form
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document.write( " ---------- Applying change of base
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document.write( " years ------ EXACT TIME
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document.write( " years ------------ APPROXIMATE TIME \n" );
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