Answer :
The future value of the amount invested is $1,309,672.81.
What is the future value?
When an investment is compounded annually, it means that the amount invested increases in value once a year.
The formula that can be used to determine future value is:
FV = P (1 + r)^nm
- FV = Future value
- P = Present value
- R = interest rate
- m = number of compounding
- N = number of years
$7440 x (1.09)^60 = $1,309,672.81
To learn more about future value, please check: https://brainly.com/question/18760477