If I decide to invest in certificates of deposit at 6% interest, how much will i need to deposit annually to accumulate a million dollars?
4 answers
You could deposit $944,000 and get a million at the end of the year.
You will have to tell me how many deposits you want to make.
As it stands there is not enough information.
BTW, "noinvestor" assumed you wanted this done in 1 year.
then it would be $943396.23 , not $944000.
943396.23(1.06) = 1000000 but
944000(1.06=1000640
As it stands there is not enough information.
BTW, "noinvestor" assumed you wanted this done in 1 year.
then it would be $943396.23 , not $944000.
943396.23(1.06) = 1000000 but
944000(1.06=1000640
Here is the whole senerio:
Naomi is 20 years old and attends southwest tennessse college. Her Business English instructor asked her to write a report detailing her plans for retirement. Naomi decided she would investigate several ways to accumulate $1 million by the time she retires. She al the rate on a so thinks she would like to retire early when she is fifty years old so she can travel around the world. She has a money market account that pays 3% interest annually. She checked the rate on a 10 year certificcate of deposit (CD) through her bank and found that it currently pays six% she also did a little reasurch and learned that the average long term return from stock markett investments is between 10% and 12%. Now she needs to calculate how much money she will need to deposit each year to accumulate $1,000,000.
Does that help? This is all the info they give me.
Naomi is 20 years old and attends southwest tennessse college. Her Business English instructor asked her to write a report detailing her plans for retirement. Naomi decided she would investigate several ways to accumulate $1 million by the time she retires. She al the rate on a so thinks she would like to retire early when she is fifty years old so she can travel around the world. She has a money market account that pays 3% interest annually. She checked the rate on a 10 year certificcate of deposit (CD) through her bank and found that it currently pays six% she also did a little reasurch and learned that the average long term return from stock markett investments is between 10% and 12%. Now she needs to calculate how much money she will need to deposit each year to accumulate $1,000,000.
Does that help? This is all the info they give me.
IF I INVESTED 100 MILLION IN 2 YEAR 4.4% CD FOR 2 YEARS HOW MUCH WOULD I MAKE.