<span>Determining the magnitude of possible losses from a premature death can be complicated. The best method is the <u>needs-based approach.</u>
<u />When it comes to this approach, you are appealing to the immediate needs of the people who are left behind when their loved one dies prematurely. You want to help them by providing them with everything they may need in order to deal with their loss.
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Initiative, adaptability, positive attitude, critical thinking, communication skills
Answer:
Total amount available in two years is $1,354,125.
Explanation:
The total amount available in two years can be calculated as follows:
Total amount in the deposit now = Current deposit + Amount planned to be deposited = $650,000 + $200,000 = $850,000
Future value of the total amount the deposit now = Total amount in the deposit now * (1 + Annual interest rate)^Number of years the deposit used = $850,000 + (1 + 15%)^2 = $1,124,125
Future value of next year's deposit = Next year's deposit * (1 + Annual interest rate)^Number of years the deposit used = $200,000 * (1 + 15%)^1 = $230,000
Total amount available in two years = Future value of the total amount the deposit now + Future value of next year's deposit = $1,124,125 + $230,000 = $1,354,125
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