compound
[tex]A=P(1+ \frac{r}{n})^{rt} [/tex]
A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years
A=?
P=500
r=0.03
n=1
t=4
[tex]A=500(1+ \frac{0.03}{1})^{(1)(4)} [/tex]
[tex]A=500(1+0.03)^{4} [/tex]
[tex]A=500(1.03)^{4} [/tex]
A=562.754
pay back $562.75
