What Is the Future Value of $7,189 Invested for 23

question 26

Multiple Choice

What is the future value of $7,189 invested for 23 years at 9.25 percent compounded annually?

• A)$22,483.60
• B)$27,890.87
• C)$38,991.07
• D)$51,009.13
• E)$54,999.88

---

Definitions:

Northwest Ordinance

A significant law passed in 1787 by the United States Congress to regulate the settlement of the Northwest Territory and laid the foundations for the creation of new states.

Territorial Governments

Administrative bodies established to govern territories that are not yet fully incorporated as states within a federal structure, such as the U.S.

Western Territories

Western Territories refers to the lands west of the Mississippi River that were acquired or explored by the United States during its westward expansion in the 19th century.

Mississippi River

A major North American river, one of the longest in the world, flowing south from northern Minnesota to the Gulf of Mexico, historically significant for transport and trade.