1. John’s goal in life is to be a millionaire. He has $6,980 in a saving account and figure he is likely to earn an 18% rate of return every year. How many years does it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.) 

2. If John consistently makes $1200 deposit into his saving account every year, how many years would it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.)

Answer rating: 100% (QA)

1 To find time we can apply the PV formula Here r is the rate per ... View the full answer