ok so first find 5%
percent measn parts ou fo 100
5%=5/100
'of' means multiply
interest is annual
so
what happens is
5% of 300 first year or 100%+5% becuase we find 5% then add taht to 300
then
secondn year you do 5% of that pervious year or 100%+5%
so we sense a pattern
100+5=105
1.05=105%
each year we multiply the thing by 1.05 since that is the new value
7 years so
300 times 1.05 times 1.05 times 1.05 times 1.05 times 1.05 times 1.05 times 1.05=5125.78
answer is $5125.78 after 7 years
