How much would the genius grant be worth by then

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The MacArthur Fellowship is a $500,000 grant, no-strings attached, paid to talented individuals who have shown extraordinary originality and dedication in their creative pursuits, and a marked capacity for self-direction. It is nicknamed the Genius Grant. One of the winners in 2012 was Arts Entrepreneur Claire Chase, who "[forged] a new model for the commissioning, recording, and live performance of classical music and opened up new avenues of artistic expression for the twenty-first-century musician." Assume the full amount of the grant is paid upfront and a recipient deposits the money in a bank for three years at a 4% rate compounded quarterly. How much would the Genius Grant be worth by then?

Reference no: EM132364658

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