Which one of the following is the correct formula for the future value of $500 invested today at 7 percent interest for 8 years? Oa) FV = $500/(0.07 x 8) b) FV = $500/[(1 + 0.07) x 8] c) FV = $500/[(1 + 0.08) ~ 7] d) FV - $500 (1 + 0.08) e) FV = $500 (1 + 0.07)8 You are looking at a potential land acquisition. What price would you be willing to pay today if you expect your land investment to be worth $50,000 in 5 years? Your required rate of return is 11%. A