Question

You put $500 in an account that earns 4% annual interest. The interest earned each year is added to the principal to create a new principal. Find the total amount in your account after each year for 3 years.

Answer 1

After 3 years the amount would be $562.43

Answer 2

Year 1. 520

2. 540.8

3. 562. 43

but if it's a simple interest:

year 1. 520

2. 540

3. 560

good luck