It's the concept of compound interest and you are talking about compounded daily so it's quite fast. I work it out with Excel. Should be 2.54 years (assume 365 days per year).
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It's the concept of compound interest and you are talking about compounded daily so it's quite fast. I work it out with Excel. Should be 2.54 years (assume 365 days per year).
1. Start with this. It matches your day 3.
2. Use Goal Seek in Excel
3. We want to make Cell B4 1 million by changing B2 (the no. of days)
4. Boom. Answer 2.53 years
How cool is that?
Now, for how much needed to make $1M in 365 days.
1. Start with this
2. Kick it off similarly
3. Boom. Answer: $26731.29 needed to do it in a year. In sync with another person's answer
It's good to see it came out with the same answer I saw posted before but I always like what Excel can do. :-)
Amazing. Now to get my hands on Excel!
Good to know this! @clshipp91 kindly gave me a calculator to work it out easily.
So, the new goal is 2 years! Starting with an initial investment of $701.
I'll let you know in 2 years if I am a millionaire by then ;)