1. Andrew deposits $300 into an account that

earns 2% interest each year. After the first

year, Andrew has $306 in the account. After

the second year, Andrew has $312 in the

account, and after the third year, Andrew has

$318 in the account.

Is this simple or compound interest?

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1. Andrew deposits $300 into an account thatearns 2% interest each year. After the firstyear, Andrew has $306 in the account. Afterthe second year, Andrew has $312 in theaccount, and after the third year, Andrew has$318 in the account.Is this simple or compound interest?

1. Andrew deposits $300 into an account that

earns 2% interest each year. After the first

year, Andrew has $306 in the account. After

the second year, Andrew has $312 in the

account, and after the third year, Andrew has

$318 in the account.

Is this simple or compound interest?