Martha makes an investment of $500 in an account that pays 6% interest compounded monthly. Write an equation you could use to determine the interest she earns in t years

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited.

t represents the number of years.

From the information given,

P = $500

r = 6% = 6/100 = 0.06

n = 12 because it was compounded 12 times in a year.

An equation that could be used to determine the interest she earns in t years is

A = 500(1+0.06/12)^12 × t

A = 500(1+0.005)^12t

A = 500(1.005)^12t