*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