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calculate the compound interest on a deposited of $1000 with the interest rate of 5%.
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the compound interest on a deposited of $1000 with an interest rate of 5% is $51.11. this means that the total amount payable would be $1051.11. the formula used to calculate compound interest is a = p (1 + r/n) ^ nt, where a is the final amount, p is the principal, r is the rate of interest, n is the number of times interest is compounded per year, and t is the time in years.
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