Posted by Madeline on .
What initial investment would I have to make at 6% per year compounded semiannually 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! 
Reiny,
a) ... they still use that ??
b) x(1.03)^58 = 1000000
x = $ 180,069.84