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If you invest a one-time lump sum of $28,000 into a mutual fund that will average 12% compounded monthly, how much will you have in 35 years? Pick the closest value.

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Mikola77

Answer:

$1,828,669

Step-by-step explanation:

For the original lump sum of $28,000 is our principal, P, the annual interest rate r, compounded monthly for n=12 months throughout  a period of 35 years (t) will have a final Accrued Amount of investment A given by the formula:

A= (Principal + Interest)  = P(1 + r/n)^nt  =28000(1+0.12/12)^35*12

=28000(1.01)^420=

28000*65.3096= $1828669

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