3 years ago

You have decided that you want to be a millionaire when you retire in 45 years.

Business

1 answer:

fiasKO [112]3 years ago

4 0

Answer and Explanation:

The computation is shown below:

We use the formula that is given below:

Invested amount = $1,000,000 present value

Present value = 1 ÷ (1 + rate of interest)^number of years

The amount invested is

= $1,000,000 ÷ (1.1104)^45

= $8,983.07

The amount invested is

= $1,000,000 ÷ (1.0552)^45

= $89,111.71

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