Answer:
$40,133.63
Explanation:
we can use the future value formula:
future value = present value x (1 + interest rate)ⁿ
- present value = $15,555
- interest rate = 14.5%
- n = 7 years
future value = $15,555 x (1 + 14.5%)⁷ = $15,555 x 1.145⁷ = $15,555 x 2.580111097 = $40,133.63
