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    cakathi's Avatar
    cakathi Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 20, 2007, 03:54 PM
    Becoming a millionaire
    How much would my son have to invest per year at 6% to have 1 million dollars after 20 years? How about at 9%? At 12%? Is there any easy way I can help him figure these amounts out on his own?
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
     
    #2

    Feb 20, 2007, 03:59 PM
    Really depends on the currency.
    The current echange rate in Zimbabwe is 250 revalued Zim dollars per 1 US dollar, so wouldn't take long at all ;)

    Or how about Japanese Yen:
    1 US$ = 119.35 Japanese yen
    ordinaryguy's Avatar
    ordinaryguy Posts: 1,790, Reputation: 596
    Ultra Member
     
    #3

    Feb 20, 2007, 07:33 PM
    Quote Originally Posted by cakathi
    How much would my son have to invest per year at 6% to have 1 million dollars after 20 years? How about at 9%? At 12%? Is there any easy way I can help him figure these amounts out on his own?
    At 6%, $27,184.56,
    At 9%, $19,546.48,
    At 12%, $13,878.78.
    Get him a financial calculator.

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