Compound interest old time savings bank pays 4 interest on, Financial Management

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Compound interest old time savings bank pays 4 interest on

Compound Interest. Old time savings bank pays 4% interest on its savings accounts. If you deposit $1,000 in the bank and leave it there:

a. how much interest will you earn in the first year?

b. how much interest will you earn in the second year?

c. how much interest will you earn in the tenth year?

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