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Corporate Finance · Quiz 1 · 27 Oct 2024 · September 2024 term

Question 25: A financial advisor tells you that you can become a mill…

Question 25

+4 marksOne correct option

A financial advisor tells you that you can become a millionaire if you start investing early. You start to deposit 25,000 units every year in a savings account which earns 8% annual interest. What is the earliest year at which your account balance reaches a million units? (Assume you don’t make any withdrawals in between)

  1. A

    40

  2. B

    25

  3. C

    19

  4. D

    15

Show answer

Correct answer

  • C

    19

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Question 25 of 25 in the IIT Madras BS Corporate Finance (Corporate Finance) Quiz 1 paper sat on 27 Oct 2024, in the September 2024 term (IIT M DEGREE AN EXAM QDB2 27 Oct 2024). It carries 4 marks.

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