Question

What would be the future value of $15,555 invested now if it earns interest at 14.5 percent for seven years

Answer 1

$40,133.63

Step-by-step explanation:

we can use the future value formula:

future value = present value x (1 + interest rate)ⁿ

• present value = $15,555
• interest rate = 14.5%
• n = 7 years

future value = $15,555 x (1 + 14.5%)⁷ = $15,555 x 1.145⁷ = $15,555 x 2.580111097 = $40,133.63