Answer:
the investment will be worth approximately $4,498 after 14 years (rounded to the nearest dollar)
Step-by-step-explanation:
Sure, to calculate the future value of the investment, we can use the formula:
FV = P(1 + r/n)^(n*t)
Where:
FV = Future Value
P = Principal (initial investment)
r = Annual interest rate
n = Number of times the interest is compounded per year
t = Number of years
In this case, P = $1500, r = 8.5%, n = 1 (compounded annually), and t = 14 years.
Plugging in these values to the formula, we get:
FV = 1500(1 + 0.085/1)^(1*14)
FV = 1500(1.085)^14
FV = $4,497.60
Therefore, the investment will be worth approximately $4,498 after 14 years (rounded to the nearest dollar).