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:
$A=500(1+\frac{0.07}{12})^{48}≈661.03$.