Question

Imagine you deposited $500 in a savings account that has an annual interest rate of 5% for 5 years. Use the simple interest formula from the article to calculate how much you would earn each year. Then, calculate how much money you would have at the end of each year.

Answer 1

After investing for 5 years at 5% interest, your $500 investment will have grown to $638.14

Explanation: