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

$610.54

Step-by-step explanation:

Here we have to use the formula A(t)=P(1+r/n)^nt, where P is the principle, n =12 and t is the number of years.

Given: P = $500, r = 5% = 0.05, t= 4

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

= 500(1 + 0.00417)^48

= 500 (1.00417)^48

A(4) = $610.54

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Thank you.

ou would have 12 of each

answer

d. 10

explanation

the distance from point y to wx is the height of the triangle.

using pythagoras theorem,

group similar terms to get,

this implies that,

take positive square root of both sides to get,

this implies that,