where you imagined depositing $500 into a savings account that had an annual interest rate of 5%. Calculate how much you would earn each yea

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).

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  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.

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