if you deposit $500 at an interest rate of 3% for four years, how much will you receive when you withdraw it from the bank?

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17-05-2018
Mathematics

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if you deposit $500 at an interest rate of 3% for four years, how much will you receive when you withdraw it from the bank?

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petersonce petersonce · Answer 1 · 2018-05-21T21:35:18+02:00

petersonce petersonce

21-05-2018

1st year 500* 0.03 = 15+500=515
2nd year 515*0.03= 15.45 + 515 = 530.45
3rd year 530.45*0.03= 15.9135 + 530.45 = 546.3635
4th year 546.3635 * 0.03 = 16.390905 + 546.3635 = 562.754405
562.754405

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