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Suppose you deposit $1,000 today in an account that pays interest at an annual rate of 5%. What will be the balance in the account
Suppose you deposit $1,000 today in an account that pays interest at an annual rate of 5%. What will be the balance in the account at the end of two years if you withdraw only the interest paid on the interest at that time?
A)$1,000
B)$1,050
C)$1,100
D)$1,103
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