Question

Before you begin, please take a moment to mark your test version on your scantron. thanks! now, you inherit $200,000 today. rather than spending it, you decide to invest it. if you earn 12% per year (compounded annually), how much money will you have in 30 years?
a. $ 5,991,984.42
b. $ 6,740,982.48
c. $ 7,189,928.27
d. $ 8,987,410.33

Answer 1

Initially you invested $200k

after 30 years, the total money you will have given that you earn 12% per year would be calculated like this

$200000(1+(12/100))^30

= $5991984.40

answer is A