Question

How much would $500 invested at 6% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent. Do not include units in your answer.

Answer 1

\[A=P(1+\frac{ r }{ n })^{r*t}\]

Answer 2

r=rate
n=number of times compounded in a year
t=time in years

Answer 3

P=Principle amount

Answer 4

exponent should be \(nt\) rather than \(rt\)