Posted by **Madeline** on Tuesday, August 6, 2013 at 11:25pm.

What initial investment would I have to make at 6% per year compounded semi-annually in order to end up with $1,000,000 in 29 years if I didn't make any monthly contributions.

a) estimate using the rule of 72. Explain how you came up with your estimate.

b) calculate exactly.

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