How much money should be deposited today in an account that earns 6% compounded monthly so that it will accumulate to $1000000 (one million dollars) in 45 years?

The principal investment required to get  a total amount of $ 1,000,000.00  from compound interest at a rate of 6% per year  compounded 12 times per year  over 45 years  is $ 67,659.17.

Step-by-step explanation:

Given

To determine:

Using the formula

substituting A = 1000000, r =  0.06, t = 45, and n = 12

$

Therefore, the principal investment required to get  a total amount of $ 1,000,000.00  from compound interest at a rate of 6% per year  compounded 12 times per year  over 45 years  is $ 67,659.17.

$650 per month plus utilities

step-by-step explanation:

just based on the info you gave, it would seem more cost effective to rent at $650 per month plus utilities.   if utilities are, in fact, $150 per month, your monthly living costs would be $800 as opposed to the other option of $825.