Asked by Madeline
What initial investment would I have to make at 6% per year compounded semi-annually in order to end up with $1,000,000 in 29 years if I didn't make any monthly contributions.
a) estimate using the rule of 72. Explain how you came up with your estimate.
b) calculate exactly.
a) estimate using the rule of 72. Explain how you came up with your estimate.
b) calculate exactly.
Answers
Answered by
Reiny
a) ... they still use that ??
b) x(1.03)^58 = 1000000
x = $ 180,069.84
b) x(1.03)^58 = 1000000
x = $ 180,069.84
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