Lolly rushed inside the moment she got home, clearly very excited. when her mother asked her what was up. lolly said "i got a great interest rate on my account at the bank! " she replied. "i'm going to figure out how much money i'm going to have if i leave for three years. "then lolly wrote:

a= 500(1.0325)2 {the 2 is a exponent}

how much money did lolly put into the bank? what interest rate is lolly getting? is it simple interest or compounded? if it is compounded, how many times a year? how much will lolly have at the end of the three years? explain all of it clearly and completely.