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?

Answer 1

Answer:$ 4,33,717.40

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