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$100 at 3% interest since 1996

  • math - ,

    Compounded how often?

    If only compounded annually, which is rare these days, the answer is

    100*(1.03)^15 = $155.80

    assuming the deposit was made on or just before Jan 1, 1996, 15 years ago.

    If the interest is compounded monthly (180 times), the answer is
    100*(1.0025)^180 = $156.74

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