Answer:
$675
$850
$1200
Step-by-step explanation:
Use formula for simple interest:
A = P (1+rt)
where
A = accrued amount (principal + interest) = what we want to find
P = Principal (initial) amount = Given as $500
r = rate of interest = Given as 7% = 0.07
t = time
For 5 years, t = 5
A = 500 [ 1 + 0.07(5) ] = $675
For 10 years, t = 10
A = 500 [ 1 + 0.07(10) ] = $850
For 20 years, t = 20
A = 500 [ 1 + 0.07(20) ] = $1200
