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Dan inherited $2 000 000, of which 50% must be invested for his younger brother Jack (now 10 years old) to be paid out when
Dan inherited $2 000 000, of which 50% must be invested for his younger brother Jack (now 10 years old) to be paid out when he turns 20 years. Interest rates (fixed) for lengthy periods are obviously on the low side, and the best rate he could obtain was 6% per annum compounded quarterly. Calculate the amount Jack will receive in 10 year time. (Ignore tax implications)
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