SOLUTION: Present Value Determine the amount of money, to the nearest dollar, you must invest at 5% per year, compounded annually, so that you will be a millionaire in 27 years.
$ _____
Algebra ->
Finance
-> SOLUTION: Present Value Determine the amount of money, to the nearest dollar, you must invest at 5% per year, compounded annually, so that you will be a millionaire in 27 years.
$ _____
Log On
Question 1205191: Present Value Determine the amount of money, to the nearest dollar, you must invest at 5% per year, compounded annually, so that you will be a millionaire in 27 years.
$ _____ Answer by ikleyn(52781) (Show Source):
Write your governing equation to become a millionaire with the exponentially growing account
1,000,000 = = .
From this equation, find the initial amount to deposit
x = = 267848.32.
Round it to the closest greater dollar to get the
ANSWER. $267849.
CHECK. = 1000002.54. ! very good; extremely nice !
