Mr. Dreamy recieved $12,345 for his services as finacial consultant to the Mayor

Question

Mr. Dreamy recieved $12,345 for his services as finacial consultant to the Mayors office of his hometwon of Springfield. Mr. Dreamy says that his consulting work was his civic duty and that he should not recieve any compensation. So, he has invested his paycheck into a accouny paying 3.98% annual interest and left the accound in his will to the city of springfield ont the condition that the city could not collect any money from the account for 200 years. How much money will the city recieve from Mr. Dreamys genoerosity in 200 years? (future value)

Explanation / Answer

Hi,

Please find the answer as follows:

FV = 12345*(1+.0398)^200 = 30300773

Answer is 30300773

Thanks

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