You decide you want your child to be a millionaire. You have a son today and you deposit $7390 in an investment account that earns 0.081 annually. The money in the account will be distributed to your son whenever the total reaches $1,500,000. How old will your son be when he gets the money? Instruction: Round to the nearest whole number. E.g., if your answer is 40.24, you should type ONLY the number 40, neither 40.24, 40.2, nor 41. Otherwise, Blackboard will treat it as a wrong answer. 13
You decide you want your child to be a millionaire. You have a son today and you deposit $7390 in an investment account that earns 0.081 annually. The money in the account will be distributed to your son whenever the total reaches $1,500,000. How old will your son be when he gets the money? Instruction: Round to the nearest whole number. E.g., if your answer is 40.24, you should type ONLY the number 40, neither 40.24, 40.2, nor 41. Otherwise, Blackboard will treat it as a wrong answer. 13
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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Question
hj

Transcribed Image Text:You decide you want your child to be a millionaire. You have a son today and you deposit $7390 in an investment account that earns 0.081 annually. The money in the account will be
distributed to your son whenever the total reaches $1,500,000. How old will your son be when he gets the money?
Instruction: Round to the nearest whole number. E.g., if your answer is 40.24, you should type ONLY the number 40, neither 40.24, 40.2, nor 41. Otherwise,
Blackboard will treat it as a wrong answer.
13
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