Answer:
Option B. [tex]\$17,631.94[/tex]
Step-by-step explanation:
we know that
The formula of future value is equal to
[tex]A=P(1+r)^{t}[/tex]
where
A is the Future Value
P is the Present value
r is the rate of interest in decimal
t is Number of Time Periods
in this problem we have
[tex]t=5\ years\\ P=\$12,000\\ r=0.08[/tex]
substitute in the formula above
[tex]A=\$12,000(1+0.08)^{5}=\$17,631.94[/tex]
