When you have a power raised to a power, we can simplify the expression
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At the end of the first year, the correct formula is this one:
The second year, we add r times the above amount, we get:
Iterating the process, we get the general formula of any number of years:
The second year, we add r times the above amount, we get:
Iterating the process, we get the general formula of any number of years: