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9 January, 01:08

Jill currently has $300,000 in a brokerage account. The account pays a 10 percent annual interest rate. Assuming that Jill makes no additional contributions to the account, how many years will it take for her to have $1,000,000 in the account?

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  1. 9 January, 01:28
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    n = 12.63 year

    Explanation:

    Present Value = $300,000

    Future Value = $1,000,000

    Annual Interest Rate = 10%

    Period = n years

    Present Value * (1 + Interest Rate) ^Period = Future Value

    $300,000 * (1 + 0.10) ^n = $1,000,000

    1.10^n = 3.333

    taking log on both side

    n * ln (1.10) = ln (3.333)

    n = 12.63 year
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