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You have been thinking a lot about how the value of money changes over time. More specifically, you want to know what would 1 million dollars be worth in 30 years if it only grew at a rate of 3% year after year. What is the future value of the million dollars in this scenario? $2,427,262.47 $1,567,987.43 $987,434.43 $3,864,123.47

You have been thinking a lot about how the value of money changes over time. More specifically, you want to know what would 1 million dollars be worth in 30 years if it only grew at a rate of 3% year after year. What is the future value of the million dollars in this scenario? $2,427,262.47 $1,567,987.43 $987,434.43 $3,864,123.47

Essentials Of Investments
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
Section: Chapter Questions
Problem 1PS
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You have been thinking a lot about how the value of money changes over time. More specifically, you want to know what would 1 million dollars be worth in 30 years if it only grew at a rate of 3% year after year. What is the future value of the million dollars in this scenario? $2,427,262.47 $1,567,987.43 $987,434.43 $3,864,123.47 Question 6 You received a solicitation promising a .35% monthly APY on a savings account. What will your APY be at the end of 12 months? 4.28% 9.08% 7.80% 10.50%
Transcribed Image Text:You have been thinking a lot about how the value of money changes over time. More specifically, you want to know what would 1 million dollars be worth in 30 years if it only grew at a rate of 3% year after year. What is the future value of the million dollars in this scenario? $2,427,262.47 $1,567,987.43 $987,434.43 $3,864,123.47 Question 6 You received a solicitation promising a .35% monthly APY on a savings account. What will your APY be at the end of 12 months? 4.28% 9.08% 7.80% 10.50%
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