You always dream to be a millionaire in your entire life and you have only $5,000 to invest now. Suppose you come across an investment opportunity which offers 12% annual return with monthly compounding. Calculate at what age you can realize your dream assuming that you are 20 years old today.

You always dream to be a millionaire in your entire life and you have only $5,000 to invest now. Suppose you come across an investment opportunity which offers 12% annual return with monthly compounding. Calculate at what age you can realize your dream assuming that you are 20 years old today.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 6PROB

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You always dream to be a millionaire in your entire life and you have only $5,000 to invest
now. Suppose you come across an investment opportunity which offers 12% annual return
with monthly compounding. Calculate at what age you can realize your dream assuming that
you are 20 years old today.

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