Question 595002: Determine the amount of money, to the nearest dollar, you must invest at 9% per year, compounded annually, so that you will be a millionaire in 28 years.
Answer by Alan3354(69443)   (Show Source):
You can put this solution on YOUR website! Determine the amount of money, to the nearest dollar, you must invest at 9% per year, compounded annually, so that you will be a millionaire in 28 years.
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1000000 = A*1.09^28
A = 1000000/(1.09^28)
A =~ $89548
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In 28 years, you'll have $999,995.01, which will make you a homeless person.
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