Find the present value of ($ 1,000,000) in an account that earns (6.15 %) compounded monthly for
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Find the present value of \(\$ 1,000,000\) in an account that earns \(6.15 \%\) compounded monthly for the indicated number of years.
a. 40 years
b. 35 years
c. 30 years
d. 25 years
e. 20 years
f. 15 years
Explore what happens when a person deposits money in an account earning compound interest.
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