Determine the Balance a ( to the Nearest Cent)for P=500

Multiple Choice

Determine the balance A ( to the nearest cent) for P=500 dollars invested at a rate r=7% for t=10 , compounded 12 times per year. Round the answer to two decimal places.

A) $529.94
B) $4,700.00
C) $1,126.10
D) $1,004.83
E) $6,359.33