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You decide you want to be a millionaire. You deposit $50,000 in an investment account that earns 9% per year. The money in the account will be distributed to you whenever the total reaches $1,000,000. If you are 27 now, how old will you be when you get the money (rounded to the nearest year)

Respuesta :

Tundexi

Answer:

62 years

Explanation:

PV = -50,000

FV = 1,000,000

I/Y = 9 %

CPT N = ?

So, we use the Financial calculator to find n

N = 34.76

How old I will be when i get the money = 27 + 34.76 =  61.76 ≅ 62 years

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