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Assuming your initial investment was made when you were 15 years old, how old would you be to have $1,000,000 in this account?

Assuming your initial investment was made when you were 1515 years old, how old would you be to have $1,000,000 \$ 1,000,000 in this account?

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Full solution

Q. Assuming your initial investment was made when you were 1515 years old, how old would you be to have $1,000,000 \$ 1,000,000 in this account?
  1. Calculate New Value: First, let's calculate the new value of the investment after a 15%15\% increase on $150\$150.\newlineIncrease percentage: 15%15\%\newlineOriginal investment: $150\$150\newlineNew Investment Value = Original Investment ×\times 1+Increase Percentage1 + \text{Increase Percentage}
  2. Perform Calculation: Now, let's perform the calculation.\newlineNew Investment Value = 150×(1+0.15)150 \times (1 + 0.15)\newlineNew Investment Value = 150×1.15150 \times 1.15\newlineNew Investment Value = $172.50\$172.50
  3. Determine Investment Growth: Next, we need to determine how many years it would take for the investment to grow to $1,000,000\$1,000,000. This is a more complex problem that typically requires knowledge of the rate of return and the frequency of compounding, which are not provided in the problem statement. However, since we are only given the initial investment and the final goal, we can't accurately calculate the age without additional information.

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