Question

Suppose you deposit $134,000 into an account paying 8% simple annual interest, and that you won't touch the

account until it holds $1,000,000. How long must you wait?
Answer:
years. (Round your answer to the nearest year.)

Answer 1

134,000x 0.08= 10,720= the money you get every year from interest

1,000,000/10,720= 93.28... or 93 years

Explanation:

Answer 2

134,000x 0.08= 10,720= the money you get every year from interest
1,000,000/10,720= 93.28... or 93 years