Want to Be a Millionaire?
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!!!
Memorial Middle School