Old time savings bank pays 3 interest on its savings, Financial Management

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Old time savings bank pays 3 interest on its savings

Old Time Savings Bank pays 3% interest on its savings accounts. If you deposit $1,500 in the bank and leave it there, how much interest will you earn in the first year? The second year? The tenth year? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

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Financial Management: Old time savings bank pays 3 interest on its savings

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