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9 April, 22:37

Suppose you can afford to invest $1,000 each month into an account that pays 15% per year. How many years will you need to make this monthly investment for your account to be worth $2,000,000?

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  1. 10 April, 00:10
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    Rate per period = 15% = 15/12 monthly

    Payment (PMT) = $1,000

    Future amaount (FV) = $2,000,000

    N (years) = ?

    If input this data into fin calculator, n = 262.27months=262.27/12years=21.86years
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