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
