How many millions of dollars does it take before you make a million dollars in interest?

Question

How many millions of dollars does it take before you make a million dollars in interest?

Answer 1

the bank give you 1% to 2% per month so to make a million you will need that 100.

So tell me where do you get that 100 m. from?

Answer 2

It depends on the interest rate. If your interest rate is 10%, then you need 10 million dollars in order to make 1 million dollars in interest (10 x0.1=1)

If your interest rate is 50%, you only need 2 million dollars (2x0.5 =1).

It is entierly dependent on the rate you get.

If you wanted to you could set up an equation like this:

$ x R = 1 , substitute any number you like for R (rate of return) and solve for $, which is how many millions you will need to have in order to obtain 1 million in interest (you may not even need to start out with a million!)

Answer 3

hundreds of millions.