Problem 5.26 You have just inherited $560,000. You plan to save this money and continue to live off the money that you are earning in your current job. If the $560,000 is everything that you have other than an old car and some beat-up furniture, and you can invest the money in a bond that pays 4.5 percent interest annually, how long will it be before you are a millionaire? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to two decimal places, e.g. 8.72%.) Number of years
Problem 5.26 You have just inherited $560,000. You plan to save this money and continue to live off the money that you are earning in your current job. If the $560,000 is everything that you have other than an old car and some beat-up furniture, and you can invest the money in a bond that pays 4.5 percent interest annually, how long will it be before you are a millionaire? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to two decimal places, e.g. 8.72%.) Number of years
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Problem 5.26
You have just inherited $560,000. You plan to save this money and continue to live off the money that you are earning in your current job. If the $560,000 is everything that you have
other than an old car and some beat-up furniture, and you can invest the money in a bond that pays 4.5 percent interest annually, how long will it be before you are a millionaire? (If
you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answver to two decimal places, e.g. 8.72%.)
Number of years
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