Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your great-uncle Buford passed away. You didn't really know him. But you found that he left you $535,943 in his will. You have decided that

image text in transcribed
Your great-uncle Buford passed away. You didn't really know him. But you found that he left you $535,943 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 9.26% per year on your investment portfolio, how long will it take for your original investment of $535,943 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

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

Step: 3

blur-text-image

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 Language Of Influence And Personal Power

Authors: Scott Hagan

1st Edition

1944833560, 978-1944833565

More Books

Students also viewed these Finance questions