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The answer is $2306938.21. Please show work. (3) Bright Future Investment Fund has a balance of $1,205,000 on January 1. On May 1, the balance

The answer is $2306938.21. Please show work. image text in transcribed
(3) Bright Future Investment Fund has a balance of $1,205,000 on January 1. On May 1, the balance is $1,230,000. Immediately after this balance is noted, $800,000 is added to the fund. If there are no further contributions to the fund for the year and the time-weighted annual yield for the fund is 16%, what is the fund balance at the end of the year

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