Question: 2 (Future value) Bob Terwilliger received $18,898 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that

2

2 (Future value) Bob Terwilliger received $18,898
(Future value) Bob Terwilliger received $18,898 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his paycheck into an account paying 3.14 percent annual interest and left the account in his will to the city of Springfield on the condition that the city cannot collect any money from the account for 200 years. How much money will the city receive from Bob's generosity in 200 years? The amount of money the city will receive from Bob's generosity is $ (Round to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!