You Decide You Want Your Child to Be a Millionaire

Multiple Choice

You decide you want your child to be a millionaire.You have a son today and you deposit $10,000 in an investment account that earns 7% per year.The money in the account will be distributed to your son whenever the total reaches $1,500,000.How old will your son be when he gets the money (rounded to the nearest year) ?

A) 82 years
B) 74 years
C) 60 years
D) 49 years