FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You just won a $300,000 award for being the best Personal Finance Student in the World. Assuming that you take your award and invest it

image text in transcribed
You just won a $300,000 award for being the best "Personal Finance Student in the World." Assuming that you take your award and invest it in a portfolio of stocks that earns 12% annually, how long will it take you to become a millionaire-meaning that you have $1,000,000 in the bank? A) 21.34 years B) 3.89 years C) 10.62 years D) 11.63 years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Dark Side Of Valuation

The Dark Side Of Valuation

Authors: Aswath Damodaran

3rd Edition

0134854101, 9780134854106

More Books

Students also viewed these Finance questions

Question

★★★★★
In the situation described in BE 15-4, how should Corinth classify this lease? Why?

Answered: 1 week ago

Question

★★★★★
Pension Plan Calculation The Village of Dover administers a defined benefit pension plan for its police and fire personnel. Employees are not required to contribute to the plan. The village received...

Answered: 1 week ago

Question

★★★★★
6.33 SAT versus ACT SAT math scores follow a normal distribution with an approximate m = 500 and s = 100. Also ACT math scores follow a normal distrubution with an approximate m = 21 and s = 4.7. You...

Answered: 1 week ago

Question

★★★★★
The income statement for Fignon Co. for the year ended December 31, 2011, reported the following. Income from continuing operations before income taxes . . . . . . . . . . . . . . . . . . . . . . . ....

Answered: 1 week ago

Question

★★★★★
You need to estimate your firm's cost of equity. You've collected the following information: Your firm's stock has a beta of 1.50; the expected market risk premium is 7.0%; and the current T-Bill...

Answered: 1 week ago

Question

★★★★★
Key financial figures for Apples two most recent fiscal years follow. Required 1. What is the total amount of assets invested in Apple in the current year? 2. What is Apples return on assets for the...

Answered: 1 week ago

Question

★★★★★
i need the gross profit percentage for the first one and the income statement is wrong rn. thank u! Required information CP6-5 (Algo) Preparing a Multistep Income Statement and Computing the Gross...

Answered: 1 week ago

Question

★★★★★
The figure below shows a storage tank holding natural gas. In an adjacent instrument room, a U-tube mercury manometer in communication with the storage tank reads L-1.9 m. If the atmospheric pressure...

Answered: 1 week ago

Question

★★★★★
Recursion Lab Longest Palindrome Subsequence (LPS) is a "poster child" for recursion and very hard to solve in any other way. In this lab you will create class named LPS and within that class you...

Answered: 1 week ago

Question

★★★★★
9. If an S corp., a calendar year taxpayer, has 72 individual shareholders and one of those shareholders sells his shares to a corporation on June 25, 20X6, when does the S corporation's tax year...

Answered: 1 week ago

Question

★★★★★
The freight forwarder has four different exporters with cargo going from Toronto to Paris via AirFrance. What contract is going to be signed between the freight forwarder and Air France? a. Master...

Answered: 1 week ago

Question

★★★★★
The data set below includes a random sample of the number of tornadoes that touched down in the United States for 5 months out of one year. What is the variance? Round your answer to the nearest...

Answered: 1 week ago

Question

★★★★★
Why are employee performance appraisals often described as a managers least favorite responsibility?

Answered: 1 week ago

Question

★★★★★
Why is it appropriate to begin addressing an employees performance with a review and update of the persons job description?

Answered: 1 week ago

Question

★★★★★
What are the three essential elements of an objective? Why are all three needed?

Answered: 1 week ago

Previous Question Next Question