Answer: 83485
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Explanation:
The formula we will use is
A = P*(1+r)^t
with
A = final amount = unknown (what we want to find)
P = starting amount = 24000
r = growth rate in decimal form = 0.12
t = number of years elapsed = 11 (since we go from 2014 to 2025)
Plug those values mentioned into the formula. Then use a calculator to simplify
A = P*(1+r)^t
A = 24000*(1+0.12)^11
A = 24000*(1.12)^11
A = 24000*3.47854999334551
A = 83485.199840292
A = 83485
The investment will be worth about 83485 dollars
