Determine the Amount of Money, to the Nearest Dollar, You

question 35

Short Answer

Determine the amount of money, to the nearest dollar, you must invest at 5.8% per year, compounded semiannually, so that you will be a millionaire in 23 years time. Round your answer to the nearest dollar.
​
$ __________

---

Definitions:

Private Practice

The business practice of a professional, especially in healthcare or legal fields, who operates independently rather than being employed by an organization.

Starting

The act or process of initiating or beginning something, such as a project, activity, or conversation.

Profits

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Private Practices

Independent business ventures where professionals offer their services to clients on a fee-for-service basis, often in healthcare.