Question
Mountaineer Medical holds a 5k fun run every year to help support an expansion of their pediatric clinic. You have signed a 5 year contract
Mountaineer Medical holds a 5k fun run every year to help support an expansion of their pediatric clinic. You have signed a 5 year contract with a race management firm to organize the run, starting with a race being held today.
They invest the net proceeds (profits) from the fun run into a money market fund that pays 6% compounded monthly.
You are the practice manager for Mountaineer Medical and want to estimate how much you will have 4 years from today.
Net Proceeds from the Fun Run:
Today $30,000
Next Year $60,000 (more people heard about how fun last year's run was.)
2 Years from Now $75,000
3 Years From Now $50,000 (it was a cold and snowy spring)
4 Years from Now $90,000
How much money will be in the money market account 4 years from today?
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