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Simpson. 5-37. (Compounding using a calculator and annuities due) Suppose that 7 years ago Alfa invested $1,000,000 at a 5 percent annual interest rate.

Simpson. 5-37. (Compounding using a calculator and annuities due) Suppose that 7 years ago Alfa invested $1,000,000 at a 5 percent annual interest rate. If he invests an addi- tional $20,000 a year at the beginning of each year for 15 years at the same 5 percent annual rate, how much money will Alfa have 15 years from now?

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