Interest rate: 5% or 0.05
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- #### Area: 96 cm²; Perimeter: 40 cm
- A bank account earns 5% annual interest compounded annually. If $1,000 is deposited, what will be the balance after 3 years?
- Principal: $1,000
- Compounded annually for 3 years: \( 1,000 \times (1 + 0.05)^3 \)
- Calculation: \( 1,000 \times 1.157625 = 1,157.63 \)
- #### Balance after 3 years: $1,157.63
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