Posted by Amie on .
How should I approach this, what formula do I use to solve and how do I solve it?
How long, to the nearest year, will it take me to become a millionaire if I invest $3000 at 9% interest compounded continuously?
I got the wrong answer of 12 years
$3000 invested at continuous interest rate of 9% (=0.09) for 12 years yield a future value of
If you want to be a millionaire, you'll need to wait a little longer!
Take natural log on both sides
=approx. 64 years & 5 months and a half