SOLUTION: Warren invests $1000 in stock that earns 6% annually.How many years will it take him to become a millionaire?

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Question 310820: Warren invests $1000 in stock that earns 6% annually.How many years will it take him to become a millionaire?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


To turn 1000 into 1000000, you need to multiply by 1000. Assuming that the interest only compounds annually:



and solve for

Divide both sides by 1000



Take the base 10 log of both sides:



Then since ,



years

The boy needs to increase his initial investment a bit, n'est-ce pas?

John