$33,297.3
Explanation
to know the future value of that amount we need to use the formula
[tex]A=\text{ P(1+}\frac{r}{n})^{nt}[/tex]where
P is the principal ( initial amount)
r is the rate ( in decimals)
n is the number of times the interest is compounded per unit t
t is the time
so
Let
[tex]\begin{gathered} P=28600 \\ r=7.9\text{ \%= }\frac{7.9}{100}=0.079 \\ n=\text{ 1 ( compounded annually)} \\ t=\text{ 2 } \end{gathered}[/tex]now, replace and calculate
[tex]\begin{gathered} A=\text{ P(1+}\frac{r}{n})^{nt} \\ A=28600(1+\frac{0.079}{1})^{1\cdot2} \\ A=28600(1.079)^2 \\ A=28600\cdot(1.164241) \\ A=33297.2926 \end{gathered}[/tex]therefore, the answer is
$33,297.3
I hope this helps you
