Answer:
Simple Interest =$5600 (Principal and Interest)
Compound Interest = $5624.32 (Principal and Interest)
Step-by-step explanation:
Using Simple interest, use the formulae, Principal X Rate X Time
= 5000*4%*3
= $600 Interest
Principal plus Interest = $5600
Using compound Interest, use the formulae P(1+r)^n
P means Principal
R means rate
N means number of years
= 500(1+4%)^3
= $5624.32 (Principal with Interest)
