Answer
Year 1 total: 520.00
Year 2 total: 540.80
Work Step by Step
Year 1: $500\times.04\times1 = 20$
add principal amount: $520.00$
Year 2: $520\times.04\times1 = 20.80$
add principal amount: $540.80$
Basic College Mathematics (10th Edition)
by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.
Published by
Pearson
ISBN 10:
0134467795
ISBN 13:
978-0-13446-779-5
Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 453: 3
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