Answer:
C
Step-by-step explanation:
This is a compound growth problem which is governed by the formula shown below:
[tex]F=P(1+r)^t[/tex]
Where
F is the future amount (we want to find this)
P is the present amount (which is 75,000)
r is the rate of increase, in decimal (this is 2.2% or 2.2/100 = 0.022)
t is the time in years (which is 11 years)
Substituting the known values, we find F, the amount it is worth after 11 years:
[tex]F=P(1+r)^t\\F=75,000(1+0.022)^{11}\\F=75,000(1.022)^{11}\\F=95,284[/tex]
Rounding to nearest hundred, that will be $95,300
Answer choice C is right.
