Math Guru please?
Little Mark be given $10,000 at birth from mixed inherited member to be invested until his middle age. The DOW JONES have averaged an annual average growth rate of 10% for the 20th century. If Mark invests his $10,000 in a fitting solid DOW JONES mutual fund which averages 10% growth per year, and later after the first year and every year thereafter ADDS $1,000 per year of his own money, how masses years will it bring for Mark to become a millionaire?
I enjoy this formula
$10,000 + 10%=11,000 + $1,000 of his own money=$12,000 for year one.
I am on year 11 and I am at $39,731.46 . I stipulation a formula that would facilitate me integer this out surrounded by a easier channel. I involve to know at what age it would give somebody a lift to become a millionaire and how to use this formula. The item that get me is that nearby is 10% added per year as capably as his own $1,000 that he puts contained by.
Answers:
this is markedly flowing within excel
surrounded by cell a1(10000) within cell a2(=a1*1.1+10000)
copy the advantage contained by a2 down the column until you exceed a million
I am in 9th class and I lift Algebra 2/Trigonometry (I'm 2 years ahead within math) and I study calculus out of college. So I'm not giving everything away, but you have need of to use a sigma. It's that greek symbol that looks approaching an E. G00GLE sigma, and trust me, you'll achieve TONS of websites on how to use it, it's pretty simple, and I'm too indolent too explain but I hope this help at tiniest a bit.
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I enjoy this formula
$10,000 + 10%=11,000 + $1,000 of his own money=$12,000 for year one.
I am on year 11 and I am at $39,731.46 . I stipulation a formula that would facilitate me integer this out surrounded by a easier channel. I involve to know at what age it would give somebody a lift to become a millionaire and how to use this formula. The item that get me is that nearby is 10% added per year as capably as his own $1,000 that he puts contained by.
Answers:
this is markedly flowing within excel
surrounded by cell a1(10000) within cell a2(=a1*1.1+10000)
copy the advantage contained by a2 down the column until you exceed a million
I am in 9th class and I lift Algebra 2/Trigonometry (I'm 2 years ahead within math) and I study calculus out of college. So I'm not giving everything away, but you have need of to use a sigma. It's that greek symbol that looks approaching an E. G00GLE sigma, and trust me, you'll achieve TONS of websites on how to use it, it's pretty simple, and I'm too indolent too explain but I hope this help at tiniest a bit.