Fredo deposits $75 a year in an account earning 3% interest compounded annual. if he deposits $75 a year and does not make any withdrawals, how much interest will the account earn in the fourth year?

Total = principal * (1+rate) ^years

Total = 75 * (1.03) ^4 = 84.41 = 9.41 Interest

Total = 75 * (1.03) ^3 = 81.95 = 6.95 Interest

Total = 75 * (1.03) ^2 = 79.57 = 4.57 Interest

Total = 75 * (1.03) ^1 = 77.25 = 2.25 Interest

Four Years of Interest = $23.18