The total amount of money in the account at the first year.
\The simple interest formula is .
(Substitute
)
(Multiply:
)
(Add the amount invested and the interest)
At the end of the first year, $504 in the account.
The total amount of money in the account at the second year.
\The simple interest formula is .
(Substitute
)
(Multiply:
)
(Add the amount invested and the interest)
At the end of the second year, $529.2 in the account.
The total amount of money in the account at the third year.
\The simple interest formula is .
(Substitute
)
(Multiply:
)
The amount in the account after 3 years is $504 + $25.2 + $26.46 or $555.66 \ \
The total amount of money is $555.66.