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5 votes
Can someone please help me with this .....

Can someone please help me with this .....-example-1
User Drwhite
by
8.4k points

2 Answers

3 votes

Answer:

$575 by the end of 3 years.

Explanation:

500x0.05=25

25x3= 75

500+75=575

User JYL
by
8.2k points
2 votes

Answer:

$578.81 or Account balance after 3 years = initial deposit + year 1 interest + year 2 interest + year 3 interest.

Year 1 interest = Year 2 interest = year 3 interest = 5% simple interest of $500 initial deposit = 5%/100% X $500 = $25/ year.

Account balance after 3 years = $500 + $25 + $25 + $25 = $575

Explanation:

$500x1.05x1.05x1.05=$578.81

User Luke Pistrol
by
8.2k points

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