Answer:
$782.84
Step-by-step explanation:
Coumpound interest formula : A=P(1+r/n)^nt
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Plug in: A = 500(1+.09/12)^12*5
First find in parenthesis: (1+.09/12) = 1+ 0.0075 = 1.0075
Find exponent: 12x5 = 60
Solve 500(1.0075)^60
500(1.56568102694)
782.840513471
Round: $782.84
