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Mr. John Doe had a deposit of $1,000 in Bank Two, where it will earn simple interest of 9% per year, and deposited another $1,000
Mr. John Doe had a deposit of $1,000 in Bank Two, where it will earn simple interest of 9% per year, and deposited another $1,000 in Citizens Bank, where it will earn compound interest of 9% per year compounded annually. Also assume that in both cases John Doe will not withdraw any interest until three years from the date of deposit. What will be the value of each of the deposits in three years? (Show your computations)
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