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Math Guru please?


Little Mark was given $10,000 at birth from various family members to be invested until his adulthood. The DOW JONES has averaged an annual average growth rate of 10% for the 20th century. If Mark invests his $10,000 in a good solid DOW JONES mutual fund which averages 10% growth per year, and then after the first year and every year thereafter ADDS $1,000 per year of his own money, how many years will it take for Mark to become a millionaire?

I have this formula

$10,000 + 10%=11,000 + $1,000 of his own money=$12,000 for year one.

I am on year 11 and I am at $39,731.46 . I need a formula that would help me figure this out in a easier way. I need to know at what age it would take to become a millionaire and how to use this formula. The thing that gets me is that there is 10% added per year as well as his own $1,000 that he puts in.

I don't understand excel that well. What do you mean by this? I am writing all this stuff out and I am at yr16 with 78,000

this is very easy in excel

in cell a1(10000) in cell a2(=a1*1.1+10000)

copy the value in a2 down the column until you exceed a million

I am in 9th grade and I take Algebra 2/Trigonometry (I'm 2 years ahead in math) and I study calculus out of school. So I'm not giving everything away, but you need to use a sigma. It's that greek symbol that looks like an E. Google sigma, and trust me, you'll get TONS of websites on how to use it, it's pretty simple, and I'm too lazy too explain but I hope this helped at least a bit.

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