Question

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?

Answer 1

Step-by-step explanation:

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