Question

Which of the following give the highest future value is 6000000 is invested at 6% for 3 years​

Answer 1

$5084745.76271

Explanation:

Given data

Final amount= $6000000

Rate=6%

Time= 3 years

Now let us find the initial amount which is the principal

using the simple interest formula we have

6000000 = P(1+0.06*3)

6000000 =P(1+0.18)

6000000 =P*1.18

P= 6000000 /1.18

P=$5084745.76271

Hence the initial deposite is $5084745.76271