While searching ancestry. com, you learn that you are a direct descendant and sole living heir of alexander hamilton who founded the bank of new york 235 years ago. fyi - his picture is on the us ten dollar bill.

mr. hamilton had coincidently deposited $10 in the newly founded bank and you are the sole beneficiary of the account, which earned 5% annualized interest compounded monthly.

assuming no deposits or withdrawals were made on the account, what is the account's approximate current value?

a. $954,000
b. $124,000
c. $1.24 million
d. $95,400
e. $128

C. $1.24 million

Explanation:

Given that

Annualized interest compounded = 5%

For monthly, it would be = 5% ÷ 12 months = 0.4167%

Time = 235 years

For monthly, it would be = 235 years × 12 months = 2,820

Present value = $10

We know that

Future value = Present value × (1 + interest rate)^number of years

                     = $10 × (1 + 0.4167%)^2820

After solving this, the answer would be  $1.24 million

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i hope this i spelt things wrong i believe but this is why

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