Question

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HELP IMMEDIATELY
1) How much would you have to invest in an account earning 8% interest compounded continuously, for it to be worth one million dollars in 30 years?

Answer 1

$174,850.10

Explanation:

the future value of $7000 at the end of 5 periods at 8% compounded interest is

$10,285.30

so you multiply $10,285.30 x 17 = 174,850.10 that's the amount you have to invest. After thirty years you will have $1,049,100.60