value of money

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?

asked by nmh
  1. can you show me how to do this one too?

    posted by nmh

Respond to this Question

First Name

Your Response

Similar Questions

  1. 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?
  2. 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
  3. math

    Guys please i need your help i am not getting the answer over the following questions. 1) Maria banked sh. 95,000 in her bank account. If the bank gives a simple interest of 17% per year, how much will she get after 3 years? 2) If
  4. Math

    If a nurse deposits $2,000 today in a bank account and the interest is compounded annually at 10 percent, what will be the value of this investment: a. five years from now? B. ten years from now? C. fifteen years from now? D.
  5. accounting

    using the equation A=L+OE how would you balance this problem: You buy acompany for $200,000 - Assets are land $50,000, building $130,000, equip $20,000. Took 70,000 from personal bank account to invest in business. Made a down
  6. Math

    A savings account at Xyz bank offers 4% interest, compounded annually. How much money must I invest today in order for the account to grow to $5,000 in ten years? Answer to the nearest whole dollar.
  7. math

    You are looking for an account to invest your $9,000 in.  You want to know how many years it will take to double if the account you are putting it into gets 10% APR.  Using the Rule of 70, how many years should you be expecting
  8. math

    Suppose you start saving today for a $30,000 down payment that you plan to make on a house in 8 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would
  9. Math

    Richard Simons is selling his house. He has a choice of taking $125,000 today or $135,000 in 6 months. If he takes the money today, he can invest it at Valley Bank at 5% interest compounded monthly. a) How much would be in the
  10. independence university

    If a nurse deposits $12,000 today in a bank account and the interest is compounding annually at 11%, what will be the value of this investment nine years from now?

More Similar Questions