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    Angela's aunt put aside $15,000 for her MBA graduation present on March 31, 2001

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    Angela's aunt put aside $15,000 for her MBA graduation present on March 31, 2001. As an incentive, the aunt invested the funds in Italy, Australia, and China at 3% per year. The funds were divided equally with $5,000 converted to each local currency on March 31, 2001. When Angela graduates in May 2012, her aunt will allow her to use the funds in each country for a vacation. What is the U.S. dollar equivalent of the money today?

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    Solution Summary

    The solution determines the U.S. dollar equivalent of money today.

    $2.19

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