Answer:
$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
Step-by-step explanation:
$500x1.05x1.05x1.05=$578.81
