It would take approximately 391.23 years to accumulate over $1 million at a rate of $213 per month.
Given the money per month = $213
For over 40 years = $102,240
To calculate the years for over $1 million
Let n be the number of months and P be the total amount received:
Where p is the total amount of money = $1,000,000
n is number of months = ?
Given the equation,
p = 213n
$1,000,000 = 213(n)
n = 1,000,000/213
n = 4694.8 in months
To calculate in years i.e in 12 months/year = 4694.8/12
= 391.23 years
Therefore, it would take approximately 391.25 years to accumulate over $1 million at a rate of $213 per month.