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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]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!
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