9514 1404 393
Answer:
$557.85
Step-by-step explanation:
The formula for the balance in an account that pays interest at annual rate r for t years on principal P compounded n times per year is ...
A = P(1 +r/n)^(nt)
For P = 500, r = 0.0274, n = 12, t = 4, the balance is ...
A = 500(1 +0.0274/12)^(12·4) ≈ 557.846 ≈ 557.85
The future amount will be $557.85.
