Answer:
610.48
Step-by-step explanation:
The formula for compound interest is
A = P(1+r/n) ^nt where
A is the amount in the account
P is the principle
r is the interest rate
n is the number of times the interest is compounded per year
t is the time in years
A = 500(1+.05/12) ^12*4
A = 500(1+.0041666666) ^48
A = 500(1.0041666666) ^48
A = 500*1.220895355
A =610.4476775
Rounding to the nearest cent
A = 610.48
