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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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) About Me  (Show Source):
You can put this solution on YOUR website!
1000000=420000%281%2B.065%2F52%29%5E%2852%28t%29%29
:
2.38=%281.00125%29%5E%2852%28t%29%29
:
log2.38 =.376759395
:
log 1.00125%5E52t=52tlog(1.00125)
:
.3768=52t(.00054)
:
.3768=.02808t
:
t=13.42 years