Joann is the Chief Executive Officer of the local community hospital, Community Care, a small...
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Accounting
Joann is the Chief Executive Officer of the local community hospital, Community Care, a small non-profit hospital. The Chief Financial Officer of Community Care, Tim, has been working with Joann to establish a fund to open an outpatient Senior Day Center at the hospital. The cost of establishing the Senior Day Center is estimated to be $300,000.
Community Care employees have volunteered to help finance the Senior Care Center and have so far raised $ 100,000.
Tim recommends to Joann that Community invest the $50,000 raised in a 3-year certificate of deposit paying annual interest at a rate of 6%.
Given these facts, how much money will Community Care have at the end of the 3-year period?
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