The present worth of the boat is $8825. The interest rate is 10.2% and it's not stated whether or not the interest is nominal, so we assume it's annual and effective. We use the formula:
F = P (1 + i)^n
where F is the future worth
P is the present worth
i is the effective annual interest rate
n is the number of years
Substituting:
F = 8825(1 + 0.102)^3
F = 11810.26
The future worth of the boat is
$11,810.26
