Answer: $34,828.59
Explanation:
We can use the formula for compound interest to solve this problem:
A = P(1 + r)^t
where:
P = the principal (in this case, $14,275)
r = the annual interest rate (6%, or 0.06 as a decimal)
t = the number of years (18)
Plugging in the values we know, we get:
A = $14,275(1 + 0.06)^18
A = $14,275(1.06)^18
A = $34,828.59 (rounded to the nearest penny)
Therefore, the value of the investment after 18 years, rounded to the nearest penny, is $34,828.59