Question

What is the future value of $11,600 invested for 17 years at 7.25 percent compounded annually? $32,483.60 $27,890.87 $38,991.07 $41,009.13 $38,125.20?

Answer 1

The main formula is A=P(1+r/n)^nt, where A=amount of $ in the account at the specified time, P=principal (amount originally invested), r=interest rate, expressed as a decimal number, t=time, in years, of the investment, and n=number of times the account is compounded annually. 
In our equation:
P=$11,600
r=7.25%=.0725
t=17 years
n=1 (compounded annually)
A= 11600(1+.[0725/1])^(1*17)
=11600(1+.0725)^17
=11600(1.0725)^17
=11600(3.286654969)
A=$38125.20

Answer 2

A=P (1+(r/n))^(nt)
A=11600 (1+(.0725/1))^(1x17)
A=11600 (1.0725)^17
A=11600 (3.286654969)
A=38125.20