Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your great-uncle Buford passed away. You didn't really know him. But you found that he left you $511,966 in his will. You have decided that
Your great-uncle Buford passed away. You didn't really know him. But you found that he left you $511,966 in his will. You have decided that you wanted to invest that money, and not touch it until it has grown to $1,000,000. If you believe you can earn 8.93% per year on your investment portfolio, how long will it take for your original investment of $511,966 to turn into $1,000,000? (Please respond in years, with two significant decimal points - e.g. 8.45 for 8.45 years).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started