If I started saving money now, how long would it take me to be a millionaire?
I can only save my allowance or earnings that I currently make until I turn 18.
The following are my results and the following years, starting amount of allowance as well as the intrest rates that would lead up to being a millionaire:
I found that when you invest $1000 dollars at a 3% rate of change it takes 234 years, when you invest $1000 dollars at a 4% rate of change it takes 154 years and when you invest $1000 dollars at a 5% rate of change it takes 142 years.
I also found that when you invest $10000 dollars at a 3% rate of change it takes 156 years, when you invest $10000 dollars at a 4% rate of change it takes 118 years and when you invest $10000 dollars at a 5% rate of change it takes 95 years.
Finally, I found that if you invest $100000 dollars at a 3% rate of change it takes 78 years, when you invest $100000 dollars at a 4% rate of change it takes 59 years, and when you invest $100000 dollars at a 5% rate of change it takes 48 years!
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