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1. John’s goal in life is to be a millionaire. He has $6,980 in a saving account and figure he is likely to earn an 18% rate of return every year. How many years does it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.) 2. If John consistently makes $1200 deposit into his saving account every year, how many years would it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.)

1. John’s goal in life is to be a millionaire. He has $6,980 in a saving account and figure he is likely to earn an 18% rate of return every year. How many years does it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.) 2. If John consistently makes $1200 deposit into his saving account every year, how many years would it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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1. John’s goal in life is to be a millionaire. He has $6,980 in a saving account and figure he is likely to earn an 18% rate of return every year. How many years does it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.)

2. If John consistently makes $1200 deposit into his saving account every year, how many years would it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.)

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