SOLUTION: 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 33 years.

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Question 881741: 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 33 years.
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
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 33 years.
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FV = PV*(1 + r)^t
1000000 = PV*(1 + 0.05)^33
PV = 1000000/(1.05)^33
Just calculator work.