How much would $500 invested at 5% interest compounded monthly be worth after 4 years? round your answer to the nearest cent.

$610.54

Step-by-step explanation:

Here we have to use the formula A(t)=P(1+r/n)^nt, where P is the principle, n =12 and t is the number of years.

Given: P = $500, r = 5% = 0.05, t= 4

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

= 500(1 + 0.00417)^48

= 500 (1.00417)^48

A(4) = $610.54

Hope this will helpful.

Thank you.

go hook jvc hgv cj xk jvc 6756

rick has $1400 and sally has $1500

step-by-step explanation:

to find amount of money rick has after 10 years :

principal = $1000 , time = 10 years , rate = 4% annually

to find amount of money sally has after 10 years :

her friend gives to pay her $50 per year, therefore money she has after 10 years = 50 × 10 = $500

also, sally gets $1000 after 10 years,

therefore, total amount of money sally has after 10 years = 500 + 1000 = $1500

so, after 10 years : rick has $1400 and sally has $1500