Question

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

Answer 1

$575 by the end of 3 years.

Explanation:

500x0.05=25

25x3= 75

500+75=575

Answer 2

$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