The worth of the investment is $1.51 * 10^39
How to determine the compound amount?
The given parameters are
Principal, P = $500
Rate, r - 4%
Time, t = 7 years
Number of times, n = 12
So, we have:
A(t)=P*e^nt
This gives
A(12) = 500 *e^(12 * 7)
Evaluate
A(12) = 1.51 * 10^39
Hence, the worth of the investment is $1.51 * 10^39
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