$67,253 USD with 2% interest every month from June 1998 to March 2020, how much do you have today?

Question

For example:

A company owes you $67,253 USD with 2% interest every month,

from June 16 1998 to March 16 2020.

How much do they owe today, including inflation over the years?

Answer 1

You have a lot more than you might imagine. we are just 3 months shy of 22 years.

so we have 22* 12 -3 months we have been accruing interest. that is 261 months.

1 dollar earning 2% per month for the past 261 months would have grown to

1*(1+2%)²⁶¹=175.648. you start with 67,253 so that comes to 11,812,899.03.

Where are we going on vacation?