At the end of three years, how much is an initial deposit of $1000 worth, assuming a compound annual interest rate of (i) 100 percent? (ii) 15 percent? (iii) 5 percent?
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At the end of three years, how much is an initial deposit of $1000 worth, assuming a compound annual interest rate of (i) 100 percent? (ii) 15 percent? (iii) 5 percent?
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1000(100/115)^3= $657
1000(100/105)^3=$863