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If you invested $100 in a savings account that yields 1% interest (compounded annually) on 1/1/2010, how much money would you have in the savings account on 1/1/2013?

 
 
 
 
 
 
 

You can solve this with Excel, the FV table, or the formulas. The easiest way to show the calculation is FV = 100 x (1.01) x (1.01) x (1.01) = 103.03.

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