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