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Tim has $100 in a bank account paying 2% interest per year. At the end of 5 years, Tim's bank account balance will be $110

Tim has $100 in a bank account paying 2% interest per year. At the end of 5 years, Tim's bank account balance will be $110 if interest is not compounded, but will be greater than $110 if interest is compounded. Select one: True False

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