Sherrod deposits $500 each year in a savings account earning 3% interest compounded annually. he makes no withdrawals. how much interest will the account earn after 3 years?

The formula for annual compound interest, including principal sum, is:
A = P (1 + r/n) (nt)

Where:

A = the future value of the investment/loan, including interest
P = the principal investment amount (500)
r = the annual interest rate (.03)
n = the number of times that interest is compounded per year (1)
t = the number of years the money is invested (3)

A=5000(1+.03/1)^1(3)

A=546.36

Interest (I) gained is A-P

I=546.36-500

I=46.36

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