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Sagot :
Using the compound interest formula:
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ _{\text{ }} \\ _{} \end{gathered}[/tex]Where:
P = Principal = 500
r = interest rate = 4% = 0.04
n = Number of times interest is compounded per year = 1
t = time = 10
so:
[tex]\begin{gathered} A=500(1+\frac{0.04}{1})^{10\cdot1} \\ A\approx740.12 \end{gathered}[/tex]Answer:
$740.12
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