Answer:
$11,691.58
Explanation:
The computation of future value is shown below:-
A = P × (1 + r ÷ 2)^2n
where
A = future value
P = present value
r = rate of interest
n = time period.
A = $2,800 × (1 + 0.081 ÷ 2)^(2 × 18)
= $2,800 × 4.17556303
= $11,691.58
Therefore we have applied the above formula for determining the future value.
