You decide you want your child to be a millionaire today, Financial Management

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You decide you want your child to be a millionaire today

You decide you want your child to be a millionaire. Today you had a son an deposited $50,000 in an investment account that earns 8.5% compounded quarterly. The money in the account will be distributed to your son whenever the total reaches $1,000,000. How old will your son be when he receives the money?

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Financial Management: You decide you want your child to be a millionaire today

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