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Can You be a Millionaire?:
Millionaire Project (100 points)

Can You be a Millionaire?
Without Winning the Lottery or Going on a Game Show?

 

You’ve just been notified that one of your distant relatives left you $15,000.00 in his  will.  You have decided to put it into a bank account (on April 1) that earns 12% interest yearly (APR) compounded monthly.  Because you learned in your math class that it is possible to make money if you save regularly, you decide to put $200.00 in the bank from your paychecks on the first of each month . 

On the first day of the month in which  you turn 18, you will get an additional $1000.00 to add to your bank account if you don’t withdraw any money from your account.

On the first day of the month in which  you turn 21, you will get an additional $5000.00 to add to your bank account for a signing bonus from the company you are going to work for since you have earned a college degree.  On your 25th birthday, put your $5000.00 bonus from your great job in the bank as additional money.

Answer the following questions and fill out the Balance Sheet with your monthly totals – showing the date, your age (years & months), your monthly interest, any deposits and your final balance.

Is it possible to become a millionaire?  If so, how many years and months will it take and how old will you be?  

[Millionaire Project Page]  [Student Worksheet] [Student Evaluation]

 

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