Answer:
Explanation:
Given a formula for the balance in an account earning compound interest, you want the balance after 4 years when the principal invested is $500, the interest rate is 11%, and compounding occurs once per year.
Evaluation
For P=500, r=0.11, n=1, t=4 the formula is ...
A = 500(1 +0.11/1)^(1·4)
A = 500(1.11^4) = 500(1.51807041) ≈ 759.04
There will be $759.04 in the account after 4 years.