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How much would $500 invested at 5% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent. a(t)=p(1+r/n)nt A.$508.39 B.$610.45 C.$907.68 D.$60…

How much would $500 invested at 5% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent. a(t)=p(1+r/n)nt A.$508.39 B.$610.45 C.$907.68 D.$60…
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How much would $500 invested at 5% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent.

a(t)=p(1+r/n)nt
A.$508.39
B.$610.45
C.$907.68
D.$607.75

asked
User Tomos Williams
by
8.4k points

2 Answers

2 votes

Answer:$610.45

Explanation:

answered
User John McArthur
by
8.5k points
5 votes

Answer:

500*(1+0.05/12)^(4*12) = 610.45

Hope this helps!

answered
User Dmytro Batyuk
by
8.3k points
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