If you deposit $1 million today at 4.3% compounded annually, how much will you have after 20 year...

Question

Question

If you deposit $1 million today at 4.3% compounded annually, how much will you have after 20 years?

Answer 1

Answer #1

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=$1,000,000*(1.043)^20

=$1,000,000*2.321058938

=$2,321,058.94(Approx).

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Answer 2

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