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Suppose you can afford to invest $1,000 each month into an account that pays 15% per year. How many years will you need to make this monthly investment for your account to be worth $2,000,000?
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Suppose you can afford to invest $1,000 each month into an account that pays 15% per year. How many years will you need to make this monthly investment for your account to be worth $2,000,000?

User Bihire Boris
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1 Answer

2 votes

Answer:

Step-by-step explanation:

Rate per period =15% = 15/12 monthly

Payment(PMT)=$1,000

Future amaount(FV)=$2,000,000

N(years)=?

If input this data into fin calculator, n= 262.27months=262.27/12years=21.86years

User Logistef
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