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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

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.

he has to deposit... View the full answer

Thus Payment per... View the full answer

1 comment
• 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

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