Answer:
$782.84
Step-by-step explanation:
Compound interest is defined as:
[tex]a = p {(1 + \frac{r}{n} )}^{nt} [/tex]
Where:
a = final worth
p = principal / original value
r = decimal rate of interest
n = repetitions per annum
t = number of years
In this case:
[tex]a = 500 {(1 + \frac{0.09}{12} )}^{5 \times 12} \\ a = 500 {(1.0075)}^{60} \\ a = 782.84[/tex]
