Eastinghome Inc. just paid $8,000 to a landowner to explore for but not extract valuable minerals. If the landowner invests the money at a rate of 5.5% compounded annually for 7 years what is the investment worth at the end of that time period?
A) $5,499.49
B) $11,637.43
C) $56,000.00
D) $66,135.15
B
Explanation: B) Via Calculator: N = 7, I = 5.5, PV = $8,000, Solve for FV = $11,637.43.
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