Answer:
$181,432,754
Step-by-step explanation:
We use the formula for compound interest here, to determine the amount
Mathematically, that would be;
A =I (1 + r/n)^nt
where A is the amount which we want to calculate
I is the initial amount which is $90,000
r is the rate = 23.24% = 23.24/100 = 0.2324
n is the number of times per year the interest is compounded = 12 (compounded monthly)
t is the number of years = 2014 - 1981 = 33
Substituting these values, we have;
A = 90,000(1 + 0.2324/12)^(33 * 12)
A = 90,000(1 + 0.0194)^396
A = 90,000(1.0194)^396
A = 181,432,754.27210504
Which is approximately $181,432,754 to the nearest whole dollars
