Ask Question
7 February, 18:54

Suppose you can afford to invest $1,000 each month into an account that pays 15% per year. How many years will you need to make this monthly investment for your account to be worth $2,000,000?

+3
Answers (1)
  1. 7 February, 19:14
    0
    Rate per period = 15% = 15/12 monthly

    Payment (PMT) = $1,000

    Future amaount (FV) = $2,000,000

    N (years) = ?

    If input this data into fin calculator, n = 262.27months=262.27/12years=21.86years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose you can afford to invest $1,000 each month into an account that pays 15% per year. How many years will you need to make this ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers