Answer:
The future value is $1,610.430167
Step-by-step 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