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mathmate

Answer:

$856.91  after 7 years

Step-by-step explanation:

Initial investment, P = 500

Interest rate, i = 8% (compounded once a year, i.e. annually)

Number of years, t = 7

Substitute in compound interest formula

Future value,

A = P (1 + 0.08/1) ^(1*7)

= 500 (1.08)^7

= 856.91 (to the nearest cent)

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