How much money would you have to invest today, at an interest rate of 5% in order to reach your goal of $1,000,000 in 30 years?

Question

just olya [345]

3 years ago

6

How much money would you have to invest today, at an interest rate of 5% in order to reach your goal of $1,000,000 in 30 years?

Assume no additional money is invested.

Business

1 answer:

kykrilka [37] · Answer 1 · 2022-05-04T04:44:54+03:00

kykrilka [37]3 years ago

6 0

1.000.000 = X+(1+0.05x30)

If you invest $ 231.500 for 30 years with an yearly interest rate of 5% and you don't contribute extra money to the investment over this 30 yrs period you will have at the end $ 1.000.000 officially becoming a millionaire!