Waiting

period.

Susan Norman seeks your financial advice. She wants to know how long it will take her to become a millionaire. She tells you that she has

$1,521

today and wants to invest it in an aggressive stock portfolio. The historical return on this type of investment is

22%

per year. How long will she have to wait if the

$1,521

is the only amount she invests and she never withdraws from the market until she reaches her $1 million? (Assume no taxes on the earnings.) What if the rate of return is only

17%

annually? What if the rate of return is only

9%

annually?

How long will Susan have to wait to become a millionaire if she invests

$1,521

today at an annual rate of return of

22%?

nothing

years (Round to two decimal places.)How long will Susan have to wait to become a millionaire if she invests

$1,521

today at an annual rate of return of

17%?

nothing

years(Round to two decimal places.)How long will Susan have to wait to become a millionaire if she invests

$1,521

today at an annual rate of return of

9%?

nothing

years(Round to two decimal places.)