An investment of $500 is compounded monthly at a rate of 3%. What is the equation that models this situation? Graph the equation.

1. Read the problem statement and then reread the scenario, identifying the known quantities.[br][br]2. Substitute the known quantities into the general form of the compound  rnt interest formula, for which P is the initial value, r is the interest rate, n is the number of times the investment is compounded in a year, and t is the number of years the investment is left in the account to grow.[br][br]3. Graph the equation.