Question 6. One day, a letter arrives in your mailbox. The letter comes from a trusted attorney firm, indicating that you have inherited money from a long lost relative, and that such amount has been accumulated over the last 50 years thanks to compound interest at 9.5% per year. You also know from family hearsay that the initial amount was $100,000.00. What is the amount you should expect to have inherited?

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
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Question 6. One day, a letter arrives in your mailbox. The letter comes from a trusted attorney
firm, indicating that you have inherited money from a long lost relative, and that such amount
has been accumulated over the last 50 years thanks to compound interest at 9.5% per year. You
also know from family hearsay that the initial amount was $100,000.00. What is the amount
you should expect to have inherited?
Transcribed Image Text:Question 6. One day, a letter arrives in your mailbox. The letter comes from a trusted attorney firm, indicating that you have inherited money from a long lost relative, and that such amount has been accumulated over the last 50 years thanks to compound interest at 9.5% per year. You also know from family hearsay that the initial amount was $100,000.00. What is the amount you should expect to have inherited?
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