How much money would you have to invest today, at an interest rate of 5% in order to reach your goal of $1,000,000 in 30 years? Assume no additional money is invested.

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03-08-2018
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How much money would you have to invest today, at an interest rate of 5% in order to reach your goal of $1,000,000 in 30 years? Assume no additional money is invested.

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Kvell Kvell · Answer 1 · 2018-08-03T14:00:40+02:00

Kvell Kvell

03-08-2018

1.000.000 = X+(1+0.05x30)

If you invest $ 231.500 for 30 years with an yearly interest rate of 5% and you don't contribute extra money to the investment over this 30 yrs period you will have at the end $ 1.000.000 officially becoming a millionaire!

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