[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$500\\ r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &4 \end{cases}[/tex]
[tex]\bf A=500\left(1+\frac{0.07}{1}\right)^{1\cdot 4}\implies A=500(1.07)^4\implies \stackrel{\textit{rounded up}}{A=655.40}[/tex]
