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Determine how many years would take

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Question 1. John's goal in life is to be a millionaire. He has $6,980 in a saving account and figure he is likely to earn an 18% rate of return every year. How many years does it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.)

Question 2. If John consistently makes $1200 deposit into his savings account every year, how many years would it take for $1,000,000?(Round your answer up to the nearest whole number.)

Reference no: EM132482933

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