If $500 is deposited in a savings account at an annual interest rate of 6% compounded annually, what is the amount after 2 years?

اگر 500$ ایک سیونگ اکاؤنٹ میں %6 کمپاؤنڈ سالانہ شرح سود پر جمع کیے جاتے ہیں، تو 2 سال کے بعد کتنی رقم ہوگی؟

$530.00

$560.00

$561.80

$600.00

After the first year, the interest earned is $500 x 6% = $30, making the total amount $500 + $30 = $530.

In the second year, the interest is calculated on the new principal balance of $530, resulting in $530 x 6% = $31.80.

Adding this interest to the principal, we get $530 + $31.80 = $561.80.