Question

where you imagined depositing $500 into a savings account that had an annual interest rate of 5%. Calculate how much you would earn each year (Column 1). Hint: Be sure to use the NEW total account amount when calculating compound interest earned! Then, calculate how much money you would have at the end of each year (Column 2).

Answer 1

Answer:

&

Step-by-step explanation:

Column 1:

500 x 5% = 250

$250 in interest each year

Column 2:

500 + 250 = 750

$750 at the end.