macmilan learning Suppose that you have 1150000 to invest in

macmilan learning Suppose that you have $11500.00 to invest in a mutual fund that offers a yearly return of 7.00%. How many years would it take your investment to reach a million dollars? Ahelo

Solution

FV = $1000000

r = 7%

t = ?

PV = $11500

FV = PV x (1 + r)^t

1.07^t = 1000000/11500

t = 66 years