549.5 to 1 decimal place
2 answers:
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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
