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ahrayia [7]
3 years ago
13

How much would 500$ invested at 9% interest compounded annually be worth after 4 years?

Mathematics
1 answer:
erma4kov [3.2K]3 years ago
7 0

Answer:

$705.79

Step-by-step explanation:

(see attached for reference)

the formula for compound interest is

A = P [1 + (r/n) ]^(nt)

Where:

P = Principal Amount = $500

r = annual interest rate = 9% = 0.09

t = 4 years

n = 1 (compounded annually)

A = 500 [1 + (0.09/1) ]^(1 x 4)

A = 500 [1 + 0.09 ]^(4)

A = 500 [1.09 ]^(4)

A = $705.79

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