Read the Following Scenario, and Answer the Questions Below

question 11

Multiple Choice

Read the following scenario, and answer the questions below.

As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil which would take 1 year to extract) is estimated to be worth $10 million in today's market.

-The money made on the oil would be worth approximately ___________after 10 years if it were immediately extracted and the proceeds were immediately invested at an annual interest rate of 7%.

• A)$10.7 million
• B)$10 million
• C)$17 million
• D)$20 million

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