37. A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?

To calculate the future value of the savings account at the end of 10 years, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the future value of the savings account
P = the initial deposit ($500 in this case)
r = the annual interest rate (5% in this case, expressed as a decimal - 0.05)
n = the number of times interest is compounded per year (since it is compounded yearly, n = 1)
t = the number of years (10 years)

Now, let's substitute the values into the formula and calculate:

A = 500(1 + 0.05/1)^(1 * 10)
A = 500(1 + 0.05)^10
A = 500(1.05)^10
A ≈ 500(1.62889)
A ≈ $814.45

Therefore, at the end of 10 years, there will be approximately $814.45 in the savings account.

2,500