Answer:
$821
Step-by-step explanation:
A = p (1 + r/n)^nt
Where,
A = future value
P = principal = $500
r = interest rate = 10% = 0.1
n = number of periods = 12
t = time = 5 years
A = p (1 + r/n)^nt
= 500 (1 + 0.1/12)^12*5
= 500 (1 + 0.0083)^60
= 500 (1.0083)^60
= 500 (1.6420)
= 821
A = $821
