1. (02.01 lc)\njaces average gross pay is $1,630.00 bi - weekly. determine how many years it will take jace…

1. (02.01 lc)\njaces average gross pay is $1,630.00 bi - weekly. determine how many years it will take jace to earn his first million dollars. (2 points)\n12 years\n11 years\n23 years\n24 years

1. (02.01 lc)\njaces average gross pay is $1,630.00 bi - weekly. determine how many years it will take jace to earn his first million dollars. (2 points)\n12 years\n11 years\n23 years\n24 years

Answer

Explanation:

Step1: Calculate annual pay

There are 52 weeks in a year, so the number of bi - weekly periods in a year is $\frac{52}{2}=26$. The annual pay $A$ is the bi - weekly pay times the number of bi - weekly periods in a year. So $A = 1630\times26=42380$ dollars per year.

Step2: Calculate number of years

Let $n$ be the number of years to earn 1000000 dollars. We use the formula $n=\frac{1000000}{A}$. Substituting $A = 42380$ into the formula, we get $n=\frac{1000000}{42380}\approx23.6$.

Answer:

24 years