Final answer:
Corey's calculation to earn his first million dollars with an average gross pay of $890 bi-weekly is evaluated by computing the number of years required to reach one million dollars. After calculating the annual income and dividing the one million dollar goal by this amount, it is clear that Corey needs to round up to the next whole number, confirming his answer of 44 years as viable.
Step-by-step explanation:
The question involves evaluating Corey's method for determining how long it will take to earn a million dollars with a given bi-weekly income. To determine if Corey's answer of 44 years is viable, we need to calculate the total time it would take to earn a million dollars with an average gross pay of $890 bi-weekly.
First, let's calculate the total annual income:
- Weekly income: $890 bi-weekly means that Corey earns $890 every two weeks.
- Annual income: Since there are 52 weeks in a year, there are 26 bi-weekly periods, therefore Corey's annual income is 26 x $890 = $23,140.
Next, we divide the goal of $1,000,000 by the annual income to get the number of years required:
Years required = $1,000,000 / $23,140 ≈ 43.22 years
Since Corey cannot achieve his first million part-way through a year, we need to round up to the next whole year. Therefore, Corey needs 44 years to earn his first million dollars, assuming there are no changes in pay or additional earnings. Thus, Corey's answer is viable, and the best option that reflects this is Option 1: Yes, Corey needs to round the years up to the nearest whole number to show the time required to earn the full million dollars.