How much money would you have to invest today, at an interest rate of 5% in order to reach your goal of $1,000,000 in 30 years? Assume no additional money is invested.

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Business

Mckenna Herring

2 November, 14:32

How much money would you have to invest today, at an interest rate of 5% in order to reach your goal of $1,000,000 in 30 years? Assume no additional money is invested.

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Marcella · Answer 1

1.000.000 = X + (1+0.05x30)

If you invest $ 231.500 for 30 years with an yearly interest rate of 5% and you don't contribute extra money to the investment over this 30 yrs period you will have at the end $ 1.000.000 officially becoming a millionaire!