# math

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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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