How much would you have to invest when you are 20 years old at 9% compounded monthly to end up with a million dollars by age 48? Round your answer to the nearest thousand. O $171,000 O $81000 O $166,000 $89,000

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
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How much would you have to invest when you are 20 years old at 9% compounded monthly to end up with a million
dollars by age 48? Round your answer to the nearest thousand.
O $171,000
O $81000
O $166,000
$89,000
Transcribed Image Text:How much would you have to invest when you are 20 years old at 9% compounded monthly to end up with a million dollars by age 48? Round your answer to the nearest thousand. O $171,000 O $81000 O $166,000 $89,000
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