Sabancı Family is planning to purchase a new house by the Bosphorus in İstanbul 4 years from now. If they have $ 4,929,821 now and they want to invest this money into an investment fund that grows at a compound interest rate of 11% per year, how much money will be available in the investment fund 4 years from now? Select one: O a. 5,973,305 b. 19,719,284 c. 8,780,393 d. 6,763,270 e. 7,483,815

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Sabancı Family is planning to purchase a new house by the Bosphorus in İstanbul 4 years from now. If they have $
4,929,821 now and they want to invest this money into an investment fund that grows at a compound interest rate of 11 %
per year, how much money will be available in the investment fund 4 years from now?
Select one:
a. 5,973,305
b. 19,719,284
c. 8,780,393
d. 6,763,270
e. 7,483,815
Transcribed Image Text:Sabancı Family is planning to purchase a new house by the Bosphorus in İstanbul 4 years from now. If they have $ 4,929,821 now and they want to invest this money into an investment fund that grows at a compound interest rate of 11 % per year, how much money will be available in the investment fund 4 years from now? Select one: a. 5,973,305 b. 19,719,284 c. 8,780,393 d. 6,763,270 e. 7,483,815
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