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$10 growing at 4% is worth $10.40 after one year. for the second year, multiply $10.40 by 4% and add the result to $10.40
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$10 growing at 4% is worth $10.40 after one year. for the second year, multiply $10.40 by 4% and add the result to $10.40

User Jostein Stuhaug
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$10.40 + $10.40(0.04) = $10.82.
User Shutter
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