If $1 had been placed in a bank account in the year 1066 and forgotten until now,

Question:

If $1 had been placed in a bank account in the year 1066 and forgotten until now, how much would be in the account at the end of 2016 if the money earned 2% interest compounded annually? 2% simple interest? (Now you can see the power of and why inactive accounts are closed after a relatively short period of time.)
Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...