Title
Want to Be a Millionaire?

Problem Statement
 

If you put a dollar in the bank, and it took one year for your money to double, how long would it take to become a millionaire? Justify your answer.
 

 

Investigation/Exploration of the Problem

The easiest way to look at and to solve this problem is by using a spreadsheet. Click here for spreadsheet. Looking at the spreadsheet, we see that in year 20, you would have $1,048,576. So, it would take you 20 years to become a millionaire.

 

Extensions of the Problem

What is the least amount of money (to the nearest dollar) that you would need to place in the bank initially if you wanted to become a millionaire after ten years? Justify your answer.

 

To find this solution, we will again use a spreadsheet. Click here for the spreadsheet.. Looking at the spreadsheet, we see that one would have to deposit $976.56 to become a millionaire in ten years. Now if we could only find a bank willing to this, we would all be RICH!!!

 

 

Author & Contact
Laura Thomas

Memorial Middle School

Conyers, GA
lthomas@rockdale.k12.ga.us