Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the amount of interests earned on interests for an initial investment of $ 1 million over 2 0 years, at a compound yearly

What is the amount of interests earned on interests for an initial investment of $1 million over 20 years, at a compound yearly rate of 3.25%?
a.
$895,837.92
b.
$1,650,000
c.
$650,000
d.
$245,837.92

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Estate Finance

Authors: Walt Huber, Levin P. Messick

5th Edition

0916772438, 9780916772437

More Books

Students also viewed these Finance questions

Question

=+What kind of question would you ask to encourage their response?

Answered: 1 week ago

Question

=+Does it keep the visitor reading?

Answered: 1 week ago