Scott Schneider, CEO of Carolina, Inc., needs your help to better understand and solve some of the financial issues and tasks that Carolina is currently dealing with. SHOW ALL CALCULATION STEPS:
Carolina used to keep its excess cash with Fidelity Money Market fund. Over the last few years this fund has been posting an average return of 0.15% per month and you believe this performance pattern will continue into foreseeable future. Carolina invests into this account: 2,000,000 today; will add another 3,000,000 in 1 year and add another 5,000,000 in 2 years. How much will be in this account in 6 years? (Assume constant interest rate and no more additions/withdrawals).