Answer:
$635.62
Step-by-step explanation:
You are going to want to use the continuous compound interest formula, which is shown below.
[tex]A = Pe^{rt}[/tex]
A = total
P = principal amount
r = interest rate (decimal)
t = time (years)
First change 8% to its decimal form:
8% -> [tex]\frac{8}{100}[/tex] -> 0.08
Next, plug in the values into the equation:
[tex]A=500e^{0.08(3)}[/tex]
[tex]A=635.62[/tex]
Your answer is $635.62
