Year One 2,500,000 x 6% = 150,000 add 2,500,000 = 2,650,000
Year Two 2,650,000 x 6% = 159,000 add 2,650,000 = 2,809,000
Year Three 2,809,000 x 6% = 168,540 add 2,809,000 = 2,977,540
Year Four 2,977,540 x 6% = 178,652.40 add 2,977,540 = 3,156,192.40
1136.23
556.34
283.52
814.45
1006.1
500 invested for 5 years at 7% interest compounded annually becomes 701.28
$407.94
1136.23
556.34
267.65
$428.24
283.68
543.66
283.52
280.51
635.61
814.45