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15 January, 11:18

You have $1000 in a savings account and the compound interest rate is 5% per year. After 5 years, how much money approximately do you have in the savings account if you left the money to grow?

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  1. 15 January, 11:43
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    The formula of compound interest is:

    New Capital = Deposit x (1 + Interest) ^ (number of years

    New Capitan = 1000 (1 + 0.05) ^5

    $1,276.28
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