2. If you were 20 years old and wanted to be a millionaire (i.e. have one million) at the age of 65. a) What is the recommended monthly contribution for an investment that has a 7% annual return and is compounded monthly? b) Is this a realistic contribution goal? Explain. c) Describe three (3) factors that may affect your investment plans?

2. If you were 20 years old and wanted to be a millionaire (i.e. have one million) at the age of 65. a) What is the recommended monthly contribution for an investment that has a 7% annual return and is compounded monthly? b) Is this a realistic contribution goal? Explain. c) Describe three (3) factors that may affect your investment plans?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 3SE: The Oxford Dictionary defines the word nominal asa value that is “stated or expressed but...

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