Closed after a relatively short period of time

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If $1 had been placed in a bank account in the year 1066 and forgotten until now, how much would be in the account at the end of 2026 if the money earned 2% interest compounded annually? 2% simple interest? (Now you can see the power of compounding and why inactive accounts are closed after a relatively short period of time.)

Reference no: EM131308058

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