The correct answer is: "$17,631.937"
If a certain amount of money wants to be expressed in money units of five years from now, 'the Future Value Formula' needs to be applied:
Future value= PV * (1 + i) ⁿ , where
- PV = present value of the money deposited
- i = interest rate
- n = number of periods that the money is deposited
FV = $12,000 * (1 + 0.08)^5= $17,631.937
