Question: Please explain how to setup and solve this equation. My answer is not correct. I multiplied 3% by 500, and then added the total to

Please explain how to setup and solve this equation. My answer is not correct. I multiplied 3% by 500, and then added the total to 500. Thank you.

Score on last try: 0 of 1 pts. See Details for more. ' . . . ' X Question 4 3 Try a Similar questlon You can retry this question below . Suppose you invest $500 in an account. It earns annual interest of 3%, and it compounds monthly. 3 W So the monthly interest is 0 = 0.25 % . How much is in the account at the end of 36 months [3 years]? Answer = 52 {Round to the nearest pennyfcent) Enter an integer or decimal number [more..] 3 Incorrect. Check your calculations and rounding again

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