Scott Wilson invested 400,000 in a fund that earns 2% annual interest, compounded annually. How much will his investment be worth in 5 years? Draw a timeline to illustrate the problem.
What is the future value of yourinvestment? (Use the present value and future valuetables, the formulamethod, a financialcalculator, or a spreadsheet for your calculations. If using present and future value tables or the formulamethod, use factor amounts rounded to five decimalplaces, X.XXXXX. Round your final answer to the nearestcent, $X.XX.)