What is the future value of $11,600 invested for 17 years at 7.25 percent compounded annually? $32,483.60 $27,890.87 $38,991.07 $41,009.13 $38,125.20?

The main formula is A=P (1+r/n) ^nt, where A=amount of $ in the account at the specified time, P=principal (amount originally invested), r=interest rate, expressed as a decimal number, t=time, in years, of the investment, and n=number of times the account is compounded annually.

In our equation:

P=$11,600

r=7.25%=.0725

t=17 years

n=1 (compounded annually)

A = 11600 (1+.[0725/1]) ^ (1*17)

=11600 (1+.0725) ^17

=11600 (1.0725) ^17

=11600 (3.286654969)

A=$38125.20

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

A=11600 (1 + (.0725/1)) ^ (1x17)

A=11600 (1.0725) ^17

A=11600 (3.286654969)

A=38125.20