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RE: Mathematical skills required! PLEASE HELP ME BECOME A MILLIONAIRE 🎩
Haha, that was a typo sorry! He'll need $26 thousand. 26,466.63 to be exact.
Haha, that was a typo sorry! He'll need $26 thousand. 26,466.63 to be exact.
haha! Well, if this really is the final answer I must make a few adjustments to my project. Sadly I don't have 26K spare at this moment!
How are you making this calculation?
Using that link I posted to you below, enter 1% as the interest per period, 365 periods and set your initial investment at $26446.63. That should get you 1,000,000.18, there are more complicated TVM solvers that allow you to solve for any of the input values, that's how I worked backwards from $1,000,000. If you have a TI graphing calculator they have one built in. It is a great financial tool for this purpose and can be used to calculate all kinds of things, like how much you will actually end up paying on a loan, mortgage, credit card, etc. You could also figure out the initial investment you would need with a fixed interest rate to pay yourself a set amount every month into eternity! Think about, that for a second lol
Great stuff! The new goal is $1M in two years.
Initial investment $701
Easy ;)
Many thanks for your help with this! Now I need Excel it seems to put it into a document...
now all you need to know is how long that $100 will take to be $26,000