Answer:
$824.56
Explanation:
Use the compound interest formula which is A = P(1+r/n)^nt
1st using the given information we are going to find out values:
P is our initial amount of $500
r is the annual rate of interest (expressed as a decimal) 8% becomes 0.08.
n is how many times interest is compounded per year, in this case since its not stated we are going to assume its annually, so n is 1
t is how long the money is deposited (in years) so t is 6.5
A is our final amount
2nd plug in our values into the equation
Plugging all these values we get A = 500 (1 +0.08/1)^(0.08)(6.5)
A = $824.56