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.

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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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.
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.
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