Your rich uncle gives you $50,000 for your wedding gift when you are 21 years old....
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Your rich uncle gives you $50,000 for your wedding gift when you are 21 years old. You put the entire amount into an account that compounds annually at 7.2%. What age will you be when it is worth $1 million? Your rich uncle gives you $50,000 for your wedding gift when you are 21 years old. You put the entire amount into an account that compounds annually at 7.2%. What age will you be when it is worth $1 million?
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To solve this we can use the future value formula F P 1 rt Where ... View the full answer
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