If you put $1,000 in a bank account earning 3% compounded annually, and keep it in the account for two years, how much will you have at the end of two years? (Do not round off your answer.)

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter20: Engineering Economics
Section: Chapter Questions
Problem 46P
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If you put $1,000 in a bank account earning 3% compounded annually, and keep it in the account for two years, how much will you have at the end of two years? (Do not round off your answer.)

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