At the end of each quarter year, aaron makes a 625 payment into a mutual fund that earns an annual percentage rate of 6%, compounded quarterly. The future value, of aaron's investment is = FV= R[(1+i)^n -1] / i - where n is the number of equal periodic payments of R dollars, and i is the interest rate per compounding period expressed as a decimal. After how long will aaron's investment be worth 1 million?
I did 625 [(1.015^4x)-1] / .015 - wasnt right, tried all variations of 1.06 and 4x, x 1/4x , didnt get it.
Answer s 54.25 years, i got close tho at 54.05 years. But nope, not good enough, if ex. it was a numerical response i would get it wrong still.
Anyone know how to do this, and see what i did wrong?