Question

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?

Answer 1

 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