Solution-If 1000 is deposited today to earn 9 interest

If $1,000 is deposited today to earn 9% interest compounded annually, how much will be on deposit at the end of three years?

1. $1,000 × .77218.

2. $1,000 ÷ .77218.

3. ($1,000 ÷ .91743) × 3.

4. ($1,000 ÷ .77218) × 3.

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