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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.

  • MATH! -

    a) ... they still use that ??

    b) x(1.03)^58 = 1000000
    x = $ 180,069.84

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