Answer:
$103,373.81
Step-by-step explanation:
The calculation of the future value is shown below:
As we know that
Future value = Present value × (1 + rate of interest)^number of years
where,
rate of interest = 11.25% ÷ 2 = 5.625%
And, the number of years is = 2 × 10 = 20
Therefore, the future value is
= $34,600 × (1 + 5.625%)^20
= $34,600 × 2.987682472
= $103,373.81
