Approximately, in <u>25 years</u>, your present value of $8,700 investment will reach the future value of $18,270 at 3% per year compounded annually.
<h3>What is the present value?</h3>
The present value is the future value discounted for a period to the current time.
The future value refers to the present value that yields a compounded value in the future.
An investment's period (N) can be computed using an online finance calculator as follows:
<h3>Data and Calculations:</h3>
I/Y (Interest per year) = 3%
PV (Present Value) = $8,700
FV (Future Value) = $18,269.79
PMT (Periodic Payment) = $0
Results:
N (# of periods) = 25.1
Total Interest = $9,569.79
Thus, in 25 years, the future value of $18,270 will be ready to be withdrawn.
Learn more about the present and future values at brainly.com/question/24703884
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