Answer:
After 2 years Miguel will have in his account $541.64
Step-by-step explanation:
The formula for calculating compound interest continuously is:
[tex]A=pe^{rt}[/tex]
Where A is the amount of money obtained after t years.
r is the compound interest rate and p is the initial amount
In this case we have that:
[tex]p=\$500\\\\t=2\ years\\\\r=0.04[/tex]
Then we must find the final amount A
[tex]A=500e^{0.04(2)}[/tex]
[tex]A=\$541.64[/tex]
