how did they get this answer 94,135 useing formula 28800(1+0.087)^3-1
\(28\ 800\times (1+0.089525)\times 3=94\ 135\)
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This is the FV of an ordinary annuity. You would use this formula to calculate it.
FV=P{[1 + R]^N - 1/ R}
FV =28,800 x {[1 + 0.087]^3 - 1 / [0.087]}
FV =28,800 x {[1.087]^3 - 1 / [0.087]}
FV =28,800 x 3.268569
FV =$94,134.79
Your formula is wrong you were supposed to divide by 0.087
28800(1+0.087)^3-1 = 36988.7264864
but
28800((1+0.087)^3-1)/0.087 = 94134.7872
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