Ask Question
24 January, 15:03

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?

+2
Answers (1)
  1. 24 January, 15:23
    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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers