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Do you know the formula I would use for this?
Do you know the formula I would use for this? Thanks
Kelly wants to accumulate 1 million dollars by investing a lump sum into an IRA (Individual Retirement Account) and letting it grow for the next 45 years.
After researching different IRA's she has narrowed her investment decision to two possibilities.
Option 1 pays an APR of 2.95% compounded continuously, and Option 2 pays an APR of 2.9% compounded annually.
How much needs to be invested in Option 1 to accumulate the desired amount? (Round to the nearest dollar and don't include commas.)
How much needs to be invested in Option 2 to accumulate the desired amount? (Round to the nearest dollar and don't include commas.)
