We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive pseudonymised information about your use of our website. cookie policy and privacy policy.
 
+0  
 
0
78
2
avatar

How long, to the nearest year, will it take me to become a millionaire if I invest $3000 at 10% interest compounded continuously?

 Sep 30, 2019
 #1
avatar
+1

1 - If the $3,000 is a one-time deposit, then it will take you ~ 58 years to have $1,000,000.
2 - If the $3,000 is deposited annually, then it will take you~ 36 years to have $1,000,000.
3 - If the $3,000 is deposited semi-annully, then it will take you ~28 years to have $1,000,000.
4 - If the $3,000 is deposited quarterly, then it will take you ~ 22 years to have $1,000,000.
5 - If the $3,000 is deposited monthly, then it will take you ~13 years to have $1,000,000.

 Sep 30, 2019
 #2
avatar+19832 
+3

3000 e0.1t  =  1000000   Solve for   t = 58.09 years

 Sep 30, 2019

7 Online Users