You just inherited $100,000. You are investing this money for two years at 6% compounding interest....
You just inherited $100,000. You are investing this money for two years at 6% compounding interest. In whole dollars, how much money will you have at the end of the two years?
|
$106,000 |
||
|
$116,000 |
||
|
$112,360 |
||
|
$110,250 |
Homework Answers
Calculation of amount at the end of two years:
Amount at the end of two years= present value*(1+rate)^no. Of
years
Amount= 100000*(1+0.06)^2= 112360
So correct answer is $112360
Add Answer to:
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