ou are on Shark Tank and asked the Sharks for $1 million; however Mr. Wonderful does...
ou are on Shark Tank and asked the Sharks for $1 million; however Mr. Wonderful does not want to invest in your company instead he offered you a loan of $1 million at 6% interest for 3 years. At the end of three years what is the total amount of money does your company end up paying Mr. Wonderful? Multiple Choice PMT = $1,191,748.228 PMT= $1,291,848.228 FV = $1,191,748.228 FV = $1,291,648.228
Homework Answers
Answer is FV = $1,191,748.228
Using financial calculator
PV=-1000000
I/Y=6%
N=3
PMT=0
CPT FV=$1,191,748.228
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