Question: 2 . You receive a $ 1 6 5 , 0 0 0 inheritance from your parents and invest it in a savings plan earning

2. You receive a $165,000 inheritance from your parents and invest it in a savings plan earning 65/8% interest compounded monthly. After 3 years you decide to deposit an additional $12,353.89 in the account and let the money sit for 10 more years. What is the future value of this investment?

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!