In the formula A = P(1 + r)t, P is the principal, r is the annual rate of interest and A is the amount after t years. An account
earning interest at a rate of 4% has a principal of $500,000. If no more deposits or withdrawals are made, about how much money will be in the account after five years? Group of answer choices $620,700 $575,000 $705,200 $608,300
