Answer:
$56,731.63
Explanation:
Data provided in the question:
Amount invested = $18,000
Rate of increase in value per year = 11% = 0.11
Time period, n = 11 years
Now,
The future value i.e the worth of his card after 11 years will be given as:
Future value = Amount invested × ( 1 + rate )ⁿ
on substituting the respective values, we get
Future value = $18,000 × ( 1 + 0.11 )¹¹
or
Future value = $18,000 × (1.11)¹¹
or
Future value = $18,000 × 3.1517573
or
Future value = $56,731.63
