value of money
posted by nmh .
You want to have $1,000,000 in your bank account when you turn 65 years old. Today is your 20th birthday. As a birthday present you received $27,000 and you want to invest this amount. At what annual interest rate must you achieve to realize this goal?

value of money 
nmh
can you show me how to do this one too?
Respond to this Question
Similar Questions

finance
You want to accumulate $1,000,000 in retirement funds by your 65th birthday. Today is your 30th birthday, and you plan on making annual investments into a mutual fund that you project will earn a 10% annual rate of return. Your first … 
algebra
child is now 3 years old  dad opens account with $10,000 it earns 4.5% annual intrest. a) construct formula (A(t)=Ao(a)^t) b) how much money will be in account when he is 10 years old c) if dad wants account to grow to 100,000 when … 
Finance
7. Today you open a bank account and make a deposit of $6,000. Then you make the following deposits: in t=1 you deposit $6,500, in t=2 $45,000, in t=3 nothing, in t=4 nothing, in t=5 $7,000, in t=6 $8,700. You made your last deposit … 
Finance
You are currently investing your money in a bank account which has a nominal annual rate of 8 percent, compounded annually. If you invest $2,000 today, how many years will it take for your account to grow to $10,000? 
business
. George Wilkins checked the spreadsheet where he keeps track of his assets and liabilities. He discovered that (i) he owes $80,000 on his house, which he believes to be worth $150,000; (ii) his car is worth $20,000, against which … 
Accounting
I am trying to figure out how to do this problem: scenarios (projected $90,000 annual cash inflow vs. projected $70,000 annual cash inflow). Note, 5 years of $90,000 per year equals $450,000 of total cash received over the duration … 
Maths
Grandpa places money in an account on your first birthday and will place that same amount in the account every year, ending with your 18th birthday. So there is a total of 18 deposits starting on first birthday. He expects to earn … 
Math
a company will need $30,000 IN 7 YEARS FOR AN ADDTION. TO MEET THIS GOAL THE COMPANY DEPOSITS MONEY IN AN ACCOUNT TODAY THAT PAYS 7% ANNUAL INTREST COMPONDED QUARTERLY. TO FIND THE AMOUNT THAT SHOULD BE INVESTED TO $30,000 IN 7 YEARS. … 
math
A company will need $65,000 in 6 years for a new addition. To meet this goal the company deposits money in an account today that pays 5% annual intrest compound quarterly. Find the amount that should be invested to total $65,000 in … 
Math
On his 12th birthday Enoch's grandparent's deposited $25 into a savings account for him. Each month after that up to and including his 20th birthday, they deposit $10 more than the previous month. How much money will Enoch have on …