What is the future value of $3,497 invested for 15 years at 7.5% compounded annually?
A) $7,431.13
B) $10,347.19
C) $14,289.16
D) $14,911.08
E) $15,267.21

Question

Quizplus · Accepted Answer

The future value is calculated using the formula FV = P(1 + r)^n, where P is the principal amount ($3,497), r is the annual interest rate (0.075), and n is the number of years (15). Plugging in the values, FV = 3497 * (1 + 0.075)^15 = $10,347.19.

What Is the Future Value of $3,497 Invested for 15