How much would $500 invested at 9% interest compounded annually be worth after 4 yeass res ? Round your answer to the nearest ce

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2 years ago

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1 answer:

leonid [27] · Answer 1 · 2023-09-11T11:09:09+03:00

The amount $500 invested at 9% interest compounded annually be worth after 4 years is $705.79

<h3>Compound interest</h3>

The formula for calculating the compound interest is expressed as:

A = P(1+r)^t

where

P is the principal = $500

rate "r" = 9%

time "t" = 4 years

Substitute to have:

A = 500(1+0.09)^4

A = 500(1.09)^4

A = $705.79

Hence the amount $500 invested at 9% interest compounded annually be worth after 4 years is $705.79

Learn more on compound interest here: brainly.com/question/24924853

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