Final answer:
The future value of $11,600 invested for 17 years at 7.25% compounded annually is $41,009.13. Therefore, the correct answer is b. $41,009.13
Step-by-step explanation:
To calculate the future value of an investment with compound interest, you can use the formula:
FV = PV imes (1+r)^n
Where FV is the future value, PV is the present value (the initial investment), r is the interest rate per period, and n is the number of periods.
In this case, the present value is $11,600, the interest rate per period is 7.25%, and the number of periods is 17 years. Plugging these values into the formula:
FV = 11,600 imes (1+0.0725)^{17}
Calculating this equation yields a future value of $41,009.13.
Therefore, the correct answer is b. $41,009.13