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# You have just won \$130,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 6% compounded weekly, how long do

You have just won \$130,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 6% compounded weekly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)

Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.)

A \$70,000 zero-coupon bond maturing in 8 years and selling now for \$42,035.

In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

You and your new spouse each bring home \$1600 each month after taxes and other payroll deductions. By living frugally, you intend to live on just one paycheck and save the other in a mutual fund yielding 7.98%compounded monthly. How long will it take to have enough for a 20% down payment on a \$175,000 condo in the city? (Round your answer to two decimal places.)

_________ yr

You have just received \$155,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.2% compounded quarterly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)

_______ yr

How much should be invested now at 5.5% simple interest if \$8658 is needed in 2 years?

1:You have to wait 34.02 years to become a millionaire 2: Rate of interest =... View the full answer

1 comment
• not all answers are correct
• mich2226
• Jan 11, 2019 at 8:50am

The way to approach this... View the full answer

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