If $500 is invested at an annual interest rate of 8% per year, its future worth at the end of 30 years will be most nearly:

FV≅$5031

Future worth at the end of 30 years will be most nearly $5031.

Explanation:

In order to find the Future value after 30 years, we are going to use the following formula:

where:

FV is the future value (End of 30 years)

PV is the present value ($500)

i is the interest rate=8%=0.08

n is the number of years (30 years)

Now,

FV≅$5031

Future worth at the end of 30 years will be most nearly $5031.

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