Answer:
14 years
Explanation:
The future value of an investment is given by the following equation:
[tex]F = P*(1+r)^t[/tex]
If your mother is investing an amount of P=$340,461 at a rate r=0.08 and the desired future value is F=$1,000,000, the required time of investment 'n', in years, is:
[tex]1,000,000 = 340,461*(1+0.08)^n\\log(\frac{1,000,000}{340,461})=n*log(1.08)\\ n=14\ years[/tex]
It will take her 14 years to become a millionaire.
