The Whales' star cornerback is paid $1 million with an interest rate of 19% for 3 years is $1,685,159. Option d is correct.
The interest rate is the amount that a lender charges a borrower for the use of assets on top of the principal.
An interest rate also applies to the money generated from a deposit account at a bank. Simple interest is used in the majority of mortgages.
Computation of amount after three years:
According to the given information,
Present value(PV) = $1,000,000
Rate (i) = 19%
Time =3 Years.
Now apply the formula of Future Value:
[tex]\text{FV} = \text{PV} (1+i)^n[/tex]
Now, apply the given values in the above formula,
[tex]\text{FV} = \text{PV} (1+i)^n\\\\\text{FV} =\$1,000,000 (1+19\%)^3\\\\\text{FV} =\$1,685,159[/tex]
Therefore, option d is correct.
Learn more about the interest rate, refer to:
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