When they first become millionaires

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Reference no: EM131061119

Erika and kitty just reached their 25th birthday. Each plans to make a $5,000 semi annual contribution to her "early retirement fund" on her birthday, beginning today. Erika opened an account with a fund that earns 6% compounded semi-annually. Kitty invested her money in a fund that earns 20% compounded semi-annually. How old will Es h girl be when they first become millionaires?

B) does this question deal with a Lumpsum, Ordinary Annuity or Annuity Due?

Reference no: EM131061119

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