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