Answer:
You can use the formula 500 * 1.03^x to solve for any year.
year 4 is 500 * 1.03^(4) = 562.75
year 6 is 500 * 1.03^(6) = 597.03
Year 7 is 500 * 1.03^(7) = 614.94
Explanation:
The amount is increasing, and there are two main ways for that to happen. Addition and multiplication. So let's see if it keeps getting the same amount added or multiplied.
0 to 1 goes from 500 to 515, so 15 is added. but 15.45 is added from 1 to 2, so we can't just do simple addition.
using multiplication 0 to 1 has 1.03 multiplied. if you multiply by it again you do get 530.45, so we have established what is happening.
You can use the formula 500 * 1.03^x to solve for any year.
so year 4 is 500 * 1.03^(4) = 562.75
year 6 is 500 * 1.03^(6) = 597.03
Year 7 is 500 * 1.03^(7) = 614.94