You have just won $150,000 from a lottery. if you invest all this amount in a tax-free money market fund earning 8% compounded weekly, how long do you have to wait to become a millionaire? (round your answer to two decimal places.)

1234.08 weeks.

Step-by-step explanation:

Since, the amount formula in compound interest is,

Where, P is the principal amount,

r is the rate per period,

t is the number of periods,

Given,

P = $ 150,000,

Annual rate = 8 % = 0.08,

So, the weekly rate, r =  ( 1 year = 52 weeks )

A = 1,000,000

By substituting the values,

Taking log both sides,

Hence, for become a millionaire we should wait 1234.08 weeks.

d

step-by-step explanation:

d