Deposit=$600.00
Interest 3% yearly
Find balance at year 5
=(Original deposit)(3%)=interest earned then add to balance for next year
=(600)(.03)=6.00 first year interest
=(606)(.03)=18.18 2nd year interest
=(624.18)(.03)=18.72 3rd yr interest
=(642.90)(.03)=19.29 4th yr interest
=(662.19)(.03)=19.86 5th yr interest
total balance end of 5th year=682.05
=(balance)+(interest earned each year)
