Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your parents put 75000 into a stock mutual fund in your name the day that you turned 18. Assuming the account grows at 8% per

Your parents put 75000 into a stock mutual fund in your name the day that you turned 18. Assuming the account grows at 8% per year with monthly compounding (n=12). How old will you be when the money grows to 800,000? show work

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

A Tour Through Graph Theory

Authors: Karin R Saoub

1st Edition

1138197815, 9781138197817

More Books

Students also viewed these Mathematics questions

Question

An improvement in the exchange of information in negotiations.

Answered: 1 week ago

Question

1. Effort is important.

Answered: 1 week ago