you have just received notification that you have won the 2.04 million first pri

Question

you have just received notification that you have won the 2.04 million first prize you have just received notification that you have won the 2.04 million first prize you have just received notification that you have won the 2.04 million first prize you have just received notification that you have won the 2.04 million first prize you have just received notification that you have won the 2.04 million first prize invest $1,398 in a mutual fund today and $1.749 in one year. If the fund pays 9% annually, how much will you have in 3 bp

Explanation / Answer

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

A=$1398(1.09)^3+1749(1.09)^2

which is equal to

=$3888.44(Approx).

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