A rich uncle wants to make you a millionaire. How much money must he deposit in a trust fund paying 10% compounded quarterly at the time of your birth to yield $1,000,000 when you retire at age 58? (Round your answer to the nearest cent.) Show all work.

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- sorry i used the wron formula here you are making one time payment...... so the money to be deposited is here r= 10% = 0.1 and n=4 so P = A / (1+r/n)^{nt} = 1000000 / (1+0.10/4)^{58*4} ~ $3251.35
- expert_vrinda
- Apr 03, 2018 at 10:04am