Question
Using a Money Market rate 1.24 % show how long it would take for the account to reach one million dollars given an initial investment
Using a Money Market rate 1.24 % show how long it would take for the account to reach one million dollars given an initial investment of $1000 assuming the interest was compounded monthly. Show work& calculations using compound interest formula A=P(1+ r ) nt (there's r is divided by n just couldn't add it in the formula.
Please show steps using compound interest projection formula.
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The AMA Handbook Of Financial Risk Management
Authors: John J. Hampton
1st Edition
0814417442, 978-0814417447
