Question

Suppose you invest $500 at an annual interest rate

Answer 1

Answer:

$584.41

Step-by-step explanation:

From this information, we can write the following equation:

where t is the number of years.

To find out the amount after 4 years, we can simply plug in 4 for t:

≈ $584.41

Answer 2

Answer:

$584.41

Step-by-step explanation:

From this information, we can write the following equation:

$P = 500(e)^{0.039t$ where t is the number of years.

To find out the amount after 4 years, we can simply plug in 4 for t:

$P = 500(e)^{0.039(4))$

≈ $584.41