Answer:
D. $674.68
Step-by-step explanation:
We will use the well known equation for compound interest
[tex]A = P(1 + \frac{r}{n})^{nt}[/tex]
Where
- [tex]A[/tex] is the final total
- [tex]P[/tex] is the principal amount (starting total)
- [tex]r[/tex] is the interest rate as a decimal
- [tex]n[/tex] is the number of times the interest is compounded each year
- [tex]t[/tex] the number of years
Plugging in what we know from the question:
[tex]A = 500(1+\frac{0.03}{12})^{12 \times 10}\\A = 500(1.34935355)\\A = 674.68[/tex]
So the answer is D.
Hope this helps!
