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Answer :
The answer is 30 years and 3 months (option a), calculated using the compound interest formula.
Compound interest formula: to calculate the time to accumulate $1,000,000 with a $2,000 quarterly contribution at 8% interest compounded quarterly, we use the formula
A = P(1 + r/n)^(nt)
where
- A is the future value
- P is the principal (initial contribution)
- r is the interest rate
- n is the number of times interest is compounded per year
- t is the time in years
For this scenario, t ≈ 30.25 years, which is equivalent to 30 years and 3 months (option a).
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