1. Future Value (question)

You work on the capital budget for a local government that prefers not to incur debt for projects. The city manager knows that a new recreation center will be needed in 15 years given the increase in population and demand for amenities. The city council has directed the manager to begin saving up for the new center and allocated $3 million this year to jumpstart the effort. The city manager can safely invest the funds with a 4.5% rate of return. How much will be available for the construction of the new recreation center given this information? How does the answer change if compounding is monthly rather than annually?