Durco Automotive needs a $2 million balance in its contingency fund 3 years from now. The...

 

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Durco Automotive needs a $2 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment account. Determine the amount if it grows at a rate of 15% per year using compound interest. The amount if it grows at a rate of 15% per year using compound interest is $| Required information Durco Automotive needs a $2 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment account. Determine the amount if it grows at a rate of 15% per year using simple interest. The amount if it grows at a rate of 15% per year using simple interest is $[ Durco Automotive needs a $2 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment account. Determine the amount if it grows at a rate of 15% per year using compound interest. The amount if it grows at a rate of 15% per year using compound interest is $| Required information Durco Automotive needs a $2 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment account. Determine the amount if it grows at a rate of 15% per year using simple interest. The amount if it grows at a rate of 15% per year using simple interest is $[