To calculate the future value of Kendra's investment, we can use the formula for compound interest:
Future Value = Principal * (1 + Rate)^Time
Given that the principal amount is $100,000, the interest rate is 15% (or 0.15), and the time period is 20 years, we can substitute the known values into the formula:
Future Value = $100,000 * (1 + 0.15)^20
Calculating this expression:
Future Value = $100,000 * (1.15)^20
Future Value ≈ $1,851,695.60
Therefore, Kendra's investment will be worth approximately $1,851,695.60 in 20 years (rounded to two decimal places).