After investing 146,239 dollars in GTY Corporation, you expect to receive at least 3% a year....

After investing 146,239 dollars in GTY Corporation, you expect to receive at least 3% a year. How much will your investment be worth in 38 years? (annual compounding) Include 2 decimals in your answer.

Expert Solution

	A/c balance 38 years	PV×(1+r)^n

	Here,

A	Interest rate per annum	3%
B	Number of years	38
C	Number of compoundings per per annum	1
A÷C	Interest rate per period ( r)	3%
B×C	Number of periods (n)	38
	Present value (PV)	$ 146,239

	A/c balance 38 years	$ 449,653.26
		146239×(1+3%)^38

jeff jeffy answered 1 year ago

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