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If you start with a principal of 1ooo $ and it compounds with simple interest at 5% a year, then how much money would you

If you start with a principal of 1ooo $ and it compounds with simple interest at 5% a year, then how much money would you have (including principal and interest) in 1 year?

Group of answer choices

$1000

$1050

$1005

$1500

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