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Question

Submitted 362 days ago...

TJ44

New User (1)

Compound interest.

How long will it take a deposit of $4482.00 to reach 1,000,000 at 4% compounded annually?

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Answers

Answer 1 / 5

Submitted 362 days ago...

jreberry

Authority (217)

139 years?

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Answer 2 / 5

Submitted 362 days ago...

Ruchele

Brain (3,118)

137.9 years

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Awarded Answer (What’s This?)

Answer 3 / 5

Submitted 362 days ago...

primetime001

Expert (962)

Finding an online Compound Interest Calculator can help.

The basic equation for calculating compound interest is this >> M = P( 1 + i )n
M=Total
P=Principal
i= Rate
n=years

Based on your deposit the answer is 137.8783 years.

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Answer 4 / 5

Submitted 362 days ago...

sidelko

Brain (3,031)

I'd look for a better %. you should be able to find something closer to 8% which would cut the time down quite a bit.

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Answer 5 / 5

Submitted 362 days ago...

techie

Authority (223)

With over 4 grand you should be able to find alot of ways to invest and reinvest that money besides some simple savings account.

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This Question was awarded 341 days ago therefore you can no longer post an Answer. However you may post a comment below.

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