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.

Can you write an equation for this problem?
(Plz give an easy equation someone with the 7th grade percentage understanding can use, thank you, happy quarantine:)

Answer 1

I = 60 is your answer

Explanation:

Your formula is I = prt. Interest = percent x rate s time.

I= 500 x 4% x 3

I = 60 is your answer