From Visual Basic 2012, 6. Simple versus Compound Interest. When $1000 is invested at 5% simple interest, the amount grows by $50 each year.

From Visual Basic 2012, 6.2-26.  Simple versus Compound Interest.  When $1000 is invested at 5% simple interest, the amount grows by $50 each year.  When money is invested at 5% interest compounded annually, the amount at the end of each year is 1.05 times the amount at the beginning of that year.  Display the amounts for 9 years for a $1000 investment at 5% simple and compound interest.  (Fig 6.28)