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ou own a classic car that is currently valued at $64,000. If the value increases by 2.5 percent annually, how much will the car be worth 15 years from now

Respuesta :

Answer:

$92,691.08

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

where,

Present value is $64,000

The Interest rate is 2.5%

And, the number of the year is 15 years

Now placing these values to the above formula

So, the future value is

= $64,000 × (1 + 0.025)^25

= $64000 × 1.448298166

= $92,691.08

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