Answer: D
To calculate the future value of the investment, we can use the compound interest formula:
Future Value = Present Value * (1 + interest rate)^time
Given:
Present Value (initial investment) = $670,000
Interest rate = 9% or 0.09
Time = 3 years
Plugging in the values into the formula:
Future Value = $670,000 * (1 + 0.09)^3
Calculating:
Future Value = $670,000 * (1.09)^3
Future Value = $670,000 * 1.295029
Future Value ≈ $867,670
Therefore, the amount in the investment fund after 3 years would be approximately $867,670. Thus, the correct answer is option d.
Step-by-step explanation: