Posted by Cade on Friday, November 20, 2009 at 9:59pm.
Ending value is slightly lower.
For example, $100 - 5% = $100 - $5 = $95
But 5% gain from $95 will not be as much.
x(.95)(1.05)/x
= .95(1.05) = .9975
It will be 99.75% of its initial value
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