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you have just won $110,000 from a lottery. if you invest all this amount in a...

you have just won $110,000 from a lottery. if you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how many years do you have to wait to become a millionaire? (Round your answer to two decimal places)
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0.135% [7% /52 Annual rate is converted into weekly rate Weekly Interest Rate Weekly deposits, PMT Initial deposit, PV Maturity amount, FV Interest compounding type, TYPE # of weeks to become millionaire # of weeks in a year # of years to become millionaire $0 $110,000 $1,000,000 0 = 0 if interest accrues at the end of each period; 1 if interest accrues at the beginning of each period 1,640.79 [Ref: NOTE] 52 [Assumed] 31.55 [1,640.79/52] NOTE # of weeks to become millionaire is calculated using EXCEL FUNCTION NPER(rate,pmt,pv,f,type) where rate = 0.135%; pmt = 0; pv-110000; fv--1000000, type:0; Here, value for pv is positive as it denotes cash outflow; fv is negative as it denotes cash inflow; type-0 as interest compounds at the end of each week only 1 Weekly Interest Rate 2 Weekly deposits, PMT 3 Initial deposit, PV 4 Maturity amount, FV 5 Interest compounding type, TYPE 6 #Of weeks to become millionaire 7 # of weeks in a year 8 # of years to become millionaire :796/B7 [7% / 52; Annual rate is converted into weekly rate S0 $110,000 $1,000,000 0 0 if interest accrues at the end of each period; 1 if interest accrues at the beginning of each period -NPER(B1,B2,-B3,B4,B5) Ref: NOTE] 52 [Assumed] -B6/B7 [1,640.79 /52]

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