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Alex deposits $500 into a savings account that offers 4% annual interest, compou...

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Alex deposits $500 into a savings account that offers 4% annual interest, compounded annually. Using the formula for compound interest, how much will Alex have in the account after 3 years?

F u t u r e V a l u e space equals space P r e s e n t V a l u e space cross times space left parenthesis 1 thin space plus thin space R a t e O f R e t u r n right parenthesis to the power of n u m b e r space o f space y e a r s end exponent

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