Question
$4482 is deposit into a savings account at 4% interest, compounded annually. To the nearest year, how long will it take for the account balance
$4482 is deposit into a savings account at 4% interest, compounded annually. To the nearest year, how long will it take for the account balance to reach $1,000,000?
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Step: 1
A P1r Where A is the future value of the investment in this case 1000000 P is the princip...Get Instant Access to Expert-Tailored Solutions
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An Introduction to the Mathematics of financial Derivatives
Authors: Salih N. Neftci
2nd Edition
978-0125153928, 9780080478647, 125153929, 978-0123846822
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