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777dan777 [17]
2 years ago
9

CII, Incorporated, invests $710,000 in a project expected to earn a 9% annual rate of return. The earnings will be reinvested in

the project each year until the entire investment is liquidated 12 years later. What will the cash proceeds be when the project is liquidated
Business
1 answer:
allochka39001 [22]2 years ago
4 0

The total amount accrued, principal plus interest at a rate of 9% per year compounded 1 times per year over 12 years is $1,996,992.00.

<h3>Compound Interest</h3>

Given Data

  • Principal = $710,000
  • Rate = 9%
  • Time = 12 years

A = P + I where

P (principal) = $710,000.00

I (interest) = $1,286,992.00

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 9/100

r = 0.09 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 710,000.00(1 + 0.09/1)(1)(12)

A = 710,000.00(1 + 0.09)(12)

A = $1,996,992.00

Learn more about Compound Interest here:

brainly.com/question/24924853

#SPJ1

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