Find the balance of a savings account at the end of 10 years if the interest earned each year is 7.5%. the principal is $500?

The equation for finding interest is y=(initial amount)(1 + or - rate in hundredth}to the power of something years. For this question the equation would be y = 500(1.075)10th power. The answer is that there would be about 1030.52 dollars in 10 years