AMOUNT DEPOSITED: $15k ($15,000) INTEREST RATE PER YEAR: 0.07% (7%)
STEPS: →Multiply the amount deposited ($15k) by the interest rate per year (7%). 15,000 * 0.07 = $1,050 (interest earned in 1 year)
→Multiply the interest earned from the first year ($1,050) by the amount of years that you want to calculate (3 years) $1,050 * 3 =3,150 (interest earned in 3 years)
→ Add the interest earned (in 3 years, in this particular equation) to the amount that you deposited ($15k) $15,000 + $3,150 =$18,150