Jesse would like to have $1.5 million dollars in 10 years. Jesse will invest $110,000...
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Jesse would like to have $1.5 million dollars in 10 years. Jesse will invest $110,000 in a money market account at the end of each year for the next 10 years. His account will earn an annual rate of 6 percent compounded annually.
Will Jesse reach his goal of becoming a millionaire? If not, how much will his mother have to gift him at the end of 10 years?
Compute the amount that Jesse will have in his money market account in 10 years. Round answer to the nearest whole number.
Show work / formula.
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