**Title: Long-term Investment Growth Calculation**---**Scenario:**Ami has decided to be cryogenically frozen at the time of her death so that she can be resurrected once medical science has advanced far enough to keep her alive. In preparation, Ami places $173,802 into an investment account which earns an 8.4% rate of return per year. To her amazement, she is one day brought back to life. "How long has it been?" she asks. "296 years," the strangely dressed person replies.**Problem Statement:**How much money is sitting in Ami's investment account?*You are welcome to round to the nearest whole number. You need to be within $1 million of the correct answer.**Input box for calculation answer*---In order to find out how much money Ami will have after 296 years, we can use the formula for compound interest: \[ A = P(1 + \frac{r}{n})^{nt} \]Where:- $ A $ is the amount of money accumulated after n years, including interest.- $ P $ is the principal amount (the initial money placed into the account), which is $173,802.- $ r $ is the annual interest rate (decimal), in this case, 8.4% or 0.084.- $ n $ is the number of times that interest is compounded per year. If it is compounded annually, $ n = 1 $.- $ t $ is the time the money is invested for in years, which is 296 years.Given:- $ P = $173,802 $- $ r = 0.084 $- $ n = 1 $- $ t = 296 $Using the formula and plugging in the values:\[ A = 173,802 \left(1 + \frac{0.084}{1}\right)^{1 \times 296} \]\[ A = 173,802 \left(1 + 0.084\right)^{296} \]\[ A = 173,802 \left(1.084\right)^{296} \]To find the exact amount, you would need to calculate $ 1.084^{296} $.---**Submission:**Enter your calculated answer in the box provided.

Answered: Image /qna-images/answer/241aaebd-05e1-4f50-ae1f-51f294183ba5.jpg

Ami has decided to be cryogenically frozen at the time of her death so that she can be resurrected once medical science has advanced far enough to keep her alive. In preparation, Ami places $173,802 into an investment account which earns an 8.4% rate of return per year. To her amazement, she is one day brought back to life. "How long has it been?" she asks. "296 years" the strangely dressed person replies. How much money is sitting in Ami's investment account? You are welcome to round to the nearest whole number. You need to be within $1 million of the correct answer.

Ami has decided to be cryogenically frozen at the time of her death so that she can be resurrected once medical science has advanced far enough to keep her alive. In preparation, Ami places $173,802 into an investment account which earns an 8.4% rate of return per year. To her amazement, she is one day brought back to life. "How long has it been?" she asks. "296 years" the strangely dressed person replies. How much money is sitting in Ami's investment account? You are welcome to round to the nearest whole number. You need to be within $1 million of the correct answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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