Answer:
First, convert R as a percent to r as a decimal
r = R/100
r = 3.5/100
r = 0.035 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 500.00(1 + 0.035/12)(12)(4)
A = 500.00(1 + 0.002916667)(48)
A = $575.02
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $500.00 at a rate of 3.5% per year compounded 12 times per year over 4 years is $575.02.
