Essay
If your bank offers a 5% annual rate of return compounded annually,then at the end of one year your $1,000.00 deposit would grow by $50.00 to $1,050.00.However,in the second year,your deposit would increase by $52.5025 to a total ending value of $1,102.50.Explain why the second year earns more interest on the investment than the first year.
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