If you invest $75,000 at an interest rate of 5.2%, what will be the total amount available in 11 years?

To calculate the total amount available after 11 years when $75,000 is invested at an interest rate of 5.2%, the future value of the investment can be determined using the formula for compound interest:

[ A = P(1 + r)^n ]

where:

• ( A ) is the amount of money accumulated after n years, including interest.

• ( P ) is the principal amount (the initial amount of money).

• ( r ) is the annual interest rate (decimal).

• ( n ) is the number of years the money is invested or borrowed.

In this case:

• ( P = 75,000 )

• ( r = 5.2% = 0.052 )

• ( n = 11 )

Plugging the values into the formula:

[ A = 75,000(1 + 0.052)^{11} ]

First, calculate ( (1 + 0.052) ):

[ 1 + 0.052 = 1.052 ]

Next, raise this result to the power of 11:

[ 1.052^{11} \approx 1.643619 ]

Now, multiply this