### Home > A2C > Chapter 3 > Lesson 3.2.3 > Problem3-123

3-123.

Billy Rich and Michael Million are two very wealthy, elderly men. Since neither of them have any heirs, they decide to give away all but \$1 of their fortune before they die. Billy Rich has $1,340,000$ and is giving $\frac { 1 } { 3 }$of his remaining money away each year. Michael Million has $980,000$ and is giving away $\frac { 1 } { 4 }$ of his money away each year. Who will get down to their final dollar first: Billy or Michael? How many years will it take each of them to give away their fortune? Justify your answer.

See the hint for problem 3-81 part (b).

Billy will take 35 years. Michael will take 48 years.