Answer
20 years
Work Step by Step
The sum of interest periods is realized by initially dividing the future value of $1,000,000 by $148, 644, which is 6.72748—the value $1.00 would accumulate to at 6% for the unknown number of interest periods. The factor 6.72748 or its approximate is then located in the Future Value of 1 Table by reading down the 10% column to the 20-period line; thus, 20 is the unknown number of years Mark must wait to become a millionaire.
