What is the future value of $500 in 17 years assuming an interest rate of 7 percent compounded semiannually

The future value is $1,610.430167

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value ×(1 + interest rate)^number of years

= $500 × (1 + 0.07 ÷ 2)^17× 2

= $500 × (1.035)^34

= $1,610.430167

Hence, the future value is 1610.430167

By applying the above formula we simply determined the future value

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