Answer:
$522.99
Step-by-step explanation:
[tex]FV = P (1 + \frac{r}{n} )^n^t[/tex]
Fv = total amount plus interest over the given period of time
P = Principal amount deposited i.e $500
r = interest given 1.5% i.e 0.015
n = period of time the principal remains deposited. In this case annually i.e 12 months
[tex]FV = 500 ( 1 + \frac{0.015}{12} ) ^1^2^X^3[/tex]
[tex]FV = 500 ( 1.04599)[/tex]
FV = $522.99
