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Edgar is 25 years old and has wants to be a millionaire by the time he is 6 $15,000 into a bank account. 65. He
Edgar is 25 years old and has wants to be a millionaire by the time he is 6 $15,000 into a bank account. 65. He decides to place so that after 40 years he will the account returns an annual rate of interest of6 a) How much of a regular monthly deposit should he make accumulate $1,000,000? Assume compounded monthly. b) What if he makes no initial deposit? c) What if he makes the initial deposit of $15,000, but is willing to wait until he is 70 to become a millionaire? d) what if the annual rate of return is 5% instead of 6%
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