Answer:
Step 1) P = 600, Decimal format: 0.04, Balance = 624
Step 2) Principle = 624, Balance = 648.96
Step 3) Principle = 648.96, Balance = 674.92
Step-by-step explanation:
Use the formula of A = P(1 + r/n)^n*t
P = 600, r = 4%, n = 1, t = 1 years.
Plug in
A = 600(1 + 0.04/1)^1*1
A = 600 * 1.04^1
A = 600 * 1.04
A = 624
To find the seperate interest
A = P + I
624 = 600 + I
I = 624 - 600
I = 24
Repeat for Step 2
P = 624, r = 4%, n = 1, t = 1
A = 624(1 + 0.04/1)^1*1
A = 624 * 1.04^1
A = 624 * 1.04
A = 648.96
Repeat for interest
648.96 = 624 + I
I = 648.96 - 624
I = 24.96
Repeat for step 3
A = 648.96, r = 4%, n = 1, t = 1
A = 648.96(1 + 0.04/1)^1*1
A = 648.96 * 1.04^1
A = 648.96 * 1.04
A = 674.92
Interest repeat
674.92 = 648.96 + I
I = 674.92 - 648.96
I = 25.96
