Use the appropriate formula to find the future value (in $) of $700 deposited at the beginning of every six months, for 17 years if a bank pays 8% interest, compounded semiannually. (Round your answers to the nearest cent.)

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Identify Formula: Identify the formula for the future value of an annuity due to regular deposits and compound interest. The formula for the future value of an annuity due is: $$ FV = P \times \left( \frac{(1 + r)^n - 1}{r} \right) \times (1 + r) $$ where: - $ FV $ is the future value of the annuity. - $ P $ is the payment amount per period. - $ r $ is the interest rate per period. - $ n $ is the total number of periods.Determine Values: Determine the values of $ P $, $ r $, and $ n $ for this problem. $ P = $700 $ (the deposit made every six months) The annual interest rate is 8%, so the semiannual rate is $ \frac{8\%}{2} = 4\% $ or $ r = 0.04 $. There are 17 years with two periods per year, so $ n = 17 \times 2 = 34 $ periods.Substitute and Calculate: Substitute the values into the formula and calculate the future value. $$ FV = 700 \times \left( \frac{(1 + 0.04)^{34} - 1}{0.04} \right) \times (1 + 0.04) $$Calculate Future Value: Calculate the future value using the values provided. First, calculate $ (1 + r)^n $: $$ (1 + 0.04)^{34} $$ Use a calculator to find this value.Calculate (1 + 0.04)^{34}: Calculate $ (1 + 0.04)^{34} $. $$ (1 + 0.04)^{34} \approx 3.243 $$Calculate Rest of Formula: Now, calculate the rest of the formula. $$ FV = 700 \times \left( \frac{3.243 - 1}{0.04} \right) \times 1.04 $$Simplify Expression: Simplify the expression inside the parentheses. $$ \frac{3.243 - 1}{0.04} \approx 56.075 $$Multiply Result: Multiply the result by $ P $ and $ (1 + r) $. $$ FV = 700 \times 56.075 \times 1.04 $$Calculate Final Value: Calculate the final future value. $$ FV \approx 700 \times 56.075 \times 1.04 \approx 40,732.60 $$ Round to the nearest cent.

Use the appropriate formula to find the future value (in $\$$ ) of $\$700$ deposited at the beginning of every six months, for $17$ years if a bank pays $8\%$ interest, compounded semiannually. (Round your answers to the nearest cent.)

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Use the appropriate formula to find the future value (in $\$$) of $700\$700$700 deposited at the beginning of every six months, for 171717 years if a bank pays 8%8\%8% interest, compounded semiannually. (Round your answers to the nearest cent.)

Use the appropriate formula to find the future value (in $\$$ ) of $\$700$ deposited at the beginning of every six months, for $17$ years if a bank pays $8\%$ interest, compounded semiannually. (Round your answers to the nearest cent.)