Lo earns k dollars per month. His company deducts $(k/3) each month. In terms of k, in how many years will the total amount paid to Lo reach $1,000,000? Explain.


1 Answers

Oddman Profile
Oddman answered
$1,000,000/(12($k - $(k/3))) = 1,000,000/(8k) = 125,000/k
Lo takes home 2/3 of the $k he is paid each month. In a year's time, he takes home $8k. After N years, he will have earned $(8N*k). We want that to be $1,000,000, so we solve for N
  $1,000,000 = $(8Nk)
  125,000/k = N    (divide by $8k)

Answer Question