The answer will be $1500 because you change a percent to a decimal and then you multiply $500 by .3 and then you going answering any multiply it by 10 times
3% of $500 is $15. Simple interest does not give interest on previous interest given, therefore, interest is only given on the $500 each year. So, 10*15 = $150 $150 + $500 = $650
