Question

How much would $500 invested at 5% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent.

a(t)=p(1+r/n)nt
A.$508.39
B.$610.45
C.$907.68
D.$607.75

Answer 1

Answer:$610.45

Explanation:

Answer 2

500*(1+0.05/12)^(4*12) = 610.45

Hope this helps!