Answer:
The future value of an investment of US$ 6,000 after 23 years at 3.1% APR is US$ 12,108.
Step-by-step explanation:
Investment principal = US$ 6,000
Interest rate = 3.1% compounded annually = 0.031
Time = 23 years
For calculating the future value, we will use the following formula:
Future Value = Investment principal * (1 + r)ⁿ
Replacing with the real values, we have:
FV = 6,000 * (1 + 0.031)²³
FV = 6,000 * (1 + 0.031)²³
FV = 6,000 * 2.018 (Rounding to three decimal places)
FV = US$ 12,108
The future value of an investment of US$ 6,000 after 23 years at 3.1% APR is US$ 12,108.
