Percentage growth

If a strategy shows 50% gains every month does that mean my $100 at the end of January is now worth $150? and at the end of February it will be worth $225? Or at the end of february will it be 50% +50% + beginning equity = $200? My guess it will be none of the above and I don’t know how that would be the case.

If you start with $200 and like you say it gains 50% every month, after 1 month = $300, after 2 months = $450, after 3 months = $675 etc…