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
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-> 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
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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?
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FV = PV*(1 + r)^t
FV = 1000000
PV = 100000
r = interest rate = 7%/yr = 0.07/52 per week
Solve for t in weeks.
