Answered: If you invest $2000 per year starting…

If you invest $2000 per year starting today, how many years would you need to save at 20% compounded annually to get $1 million? How about if it 20% annual accumulates every 6 months? Every month?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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If you invest $2000 per year starting today, how many years would you need to save
at 20% compounded annually to get $1 million? How about if it 20% annual
accumulates every 6 months? Every month?

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