Question

Ashley deposits $500 into an account that earns 2% interest compounded 3 times per year. How much money will Ashley have in her account after 4 years? Round to the nearest cent. A. $600.12 B. $541.50 C. $458.50 D. $587.02

Answer 1

A=p (1+r/k)^kt
A=500×(1+0.02÷3)^(3×4)
A=541.50