Marsha expects to receive $$1,000,000$ in $12$ years from a trust fund. If a bank loans money at an interest rate of $6\mathrm{.}55\%,$ how much money can he borrow from the bank on the basis of this information?

Question $16$Answer

a$.$

$$2,141,122\mathrm{.}17$

b$.$

$$1,480,519\mathrm{.}94$

c$.$

$$467,044\mathrm{.}81$

d$.$

$$488,004\mathrm{.}23$