Answer
\$$661.03$
Work Step by Step
Solve using the formula $A=P(1+\frac{r}{n})^{nt}$ as instructed.
Identify values from the problem:
$P=500$
$r=0.07$
$n=12$
$t=4$.
Substitute values into the formula:
$A=500(1+\frac{0.07}{12})^{48}≈661.03$.
Algebra: A Combined Approach (4th Edition)
by Martin-Gay, Elayn
Published by
Pearson
ISBN 10:
0321726391
ISBN 13:
978-0-32172-639-1
Chapter 12 - Section 12.3 - Exponential Functions - Exercise Set - Page 863: 48
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