How long does it take to become a millionaire? A $500,000 investment will hit $1 million in 42 years at an annual interest rate of 1.66%. How long will it take to become a millionaire if the annual interest rate increases to 2.81%?

How long does it take to become a millionaire? A $500,000 investment will hit $1 million in 42 years at an annual interest rate of 1.66%. How long will it take to become a millionaire if the annual interest rate increases to 2.81%?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: The Basic Tools Of Finance

Section9.1: Present Value: Measuring The Time Value Of Money

Problem 1QQ

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How long does it take to become a millionaire? A $500,000 investment will hit $1 million in 42 years at an annual interest rate of 1.66%. How long will it take to
become a millionaire if the annual interest rate increases to 2.81%?
You can get to your goal in years when /2.81%. (Round to the nearest whole number.)

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