Answer:
$705.30, $837.67, $994.89 Respectively
Step-by-step explanation:
Given
P= $500
r= 3.5%= 3.5/100= 0.035
Applying the compound interest formula we have
[tex]A= P(1+r)^t[/tex]
where
A = final amount
P = initial principal balance
r = interest rate
t = number of time periods elapsed
1. for t= 10 years
[tex]A= 500(1+0.035)^1^0\\\ A= 500(1.035)^1^0\\\\ A= 500*1.410598\\\ A=705.299[/tex]
A= $705.30
2. for t= 15 years
[tex]A= 500(1+0.035)^1^5\\\ A= 500(1.035)^15\\\\ A= 500*1.67534\\\ A=837.67[/tex]
A= $837.67
3. for t= 20 years
[tex]A= 500(1+0.035)^2^0\\\ A= 500(1.035)^2^0\\\\ A= 500*1.98978\\\ A=994.89[/tex]
A= $994.89
