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Home > A2C > Chapter 3 > Lesson 3.2.3 > Problem 3-123

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 of his remaining money away each year. Michael Million has $980,000 and is giving away 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. Homework Help ✎

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

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