Year | Principal amount at beginning of Year | Annual amount of interest (Principal at beginning of year*9%) | Accumulated amount at the end of year (Principal at beginning of year+Annual amount of interest) |
1. | $19000 | $1710 | $20710 |
2. | $20710 | (20710*9%)= 1863.9 | (20710+1863.9)= 22573.9 |
3. | $22573.9 | (22573.9*9%)= 2031.65 | (22573.9+2031.65)= 24605.55 |
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