We can find the balance after t years in the account by means of the following formula:
[tex]Y=C(1+r)^t[/tex]Where C is the initial amount deposited in the account
r is the interest rate as a decimal number
t is the year
In this case, C equals $500, r is 0.07 (7%) and t equals 10.
Replacing these values into the above formula, we get:
[tex]Y=500(1+0.07)^{10}=983.6[/tex]Then the total amount of money in the account after 10 years equals $983.6
