a fund manager has $2,931,200 in an investment fund, and he expects annual returns of 5%. if he consistently achieves his target returns, th

Question

a fund manager has $2,931,200 in an investment fund, and he expects annual returns of 5%. if he consistently achieves his target returns, then how much money will be in the fund in 8 years?

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Nevaeh 2 weeks 2021-11-20T19:16:04+00:00 1 Answer 0

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    2021-11-20T19:17:39+00:00

    Answer:$ 4,33,717.40

    Step-by-step explanation:

    Using the formula : A = P (1 +R/100)^N

    Where A is the amount after n years

    P is the principal

    R% is the rate

    Therefore:

    A = 2,931,200 (1.05)^8

    A = $ 4,33,717.397

    A ≈ $ 4,33,717.40

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