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:
&
Step-by-step explanation:
Column 1:
500 x 5% = 250
$250 in interest each year
Column 2:
500 + 250 = 750
$750 at the end.