john's goal in life is to be a millionaire. he has 6980 in his saving account and figures he is likely to earn an 18% rate of return every year. if john consistently makes a $1200 deposit into his savings account every year, how many years would it take for john to have his first 1000000?

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19-08-2022
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john's goal in life is to be a millionaire. he has 6980 in his saving account and figures he is likely to earn an 18% rate of return every year. if john consistently makes a $1200 deposit into his savings account every year, how many years would it take for john to have his first 1000000?

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-08-19T18:30:16+02:00

If john consistently makes a $1200 deposit into his savings account every year, The number of years it would take for john to have his first 1000000 is 48.71 years.

Number of payment per period (NPER)

We would be making use of financial calculator to determine the number of period by inputting the below data.

PV= -6,980

rate = 18%

pmt = 1200

FV = 1,000,000

NPER=?

Hence:

NPER= 48.71 years.

Therefore If john consistently makes a $1200 deposit into his savings account every year, The number of years it would take for john to have his first 1000000 is 48.71 years.

Learn more about Number of period (NPER) here:https://brainly.com/question/24321952

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