What is the future value of $11,600 invested for 17 years at 7.25 percent compounded annually?

This is the concept of time value of money, to calculate for the future value of the principle amount given by $11600 invested for 17 years at a rate of 7.25% we proceed as follows;

A=P (1+r/100) ^n

A=11600 (1+7.25/100) ^17

A=11600 (1.0725) ^17

A=38,125.20

The answer is $38,125.20

The answer to the question above is $38,125.19 which is the future value of $11,600 invested for 17 years at 7.25 percent compounded annually. This problem can be solved by using the future value formula which stated as FV = PV * (1+i) ^n. In this formula, FV is the future value, PV is the present value, i is the interest rate, and n is the compounding period (Calculation: 38,125.19 = 11,600 * (1+7.25%) ^17).