After three years, your investment would be $575. The formula is A=P(1+(r/n)^(n*t) where A is the final amount, P is the initial balance, r is the interest rate, n is the amount of time the interest is compounded in a year, and t is the amount of time that has passed.
P=500
r= 5% is which converted into a decimal by dividing 5 by 100 which is then 0.05
n= 1 since it is compounded annually
t= 3
Hope this helped.
