Question 1205191
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<pre>

Write your governing equation to become a millionaire with the exponentially growing account


    1,000,000 = {{{x*(1+0.05)^27}}} = {{{x*1.05^27}}}.


From this equation, find the initial amount to deposit

    x = {{{1000000/1.05^27}}} = 267848.32.


Round it to the closest greater dollar to get the 


<U>ANSWER</U>.  $267849.


<U>CHECK</U>.  {{{267849*1.05^27}}} = 1000002.54.   ! very good;  extremely nice !
</pre>

Solved.


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For all details and explanations, &nbsp;look into these two lessons

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound accounts</A> 

in this site, &nbsp;and learn the subject from there.


After reading these lessons, &nbsp;you will tackle such problems on your own without asking for help from outside.