Posted by cynthia on Monday, February 18, 2013 at 8:56am.
P = Po(1+r)^n.
Po = $500. = Initial investment.
r = (5%/100%) = 0.05 = APR expressed as a decimal.
N = 1Comp./yr * 10yrs = 10 Compounding periods.
Plug the above values into the given Eq and get:
P = $814.45.
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