Question: 2 . Suppose you deposit $ 1 0 0 0 in a bank savings account that pays interest at a rate of 1 0 %

2. Suppose you deposit $1000 in a bank savings account that pays interest at a rate of 10% compounded annually. Assume that you dont withdraw the interest earned at the end of each period (one year), but let it accumulate. How much would you have at the end of year 3? Do the calculations using both the simple interest and the compound interest.

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