Which of the following give the highest future value is 6000000 is invested at 6% for 3 years
1 answer:
Answer:
$5084745.76271
Step-by-step explanation:
Given data
Final amount= $6000000
Rate=6%
Time= 3 years
Now let us find the initial amount which is the principal
using the simple interest formula we have
6000000 = P(1+0.06*3)
6000000 =P(1+0.18)
6000000 =P*1.18
P= 6000000 /1.18
P=$5084745.76271
Hence the initial deposite is $5084745.76271
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