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You bought a rare baseball card for $350 that appreciates in value at three percent per year. How much will the card be worth in 10 years?
You would start by doing $350x.03 for the 3 percent which gives you $10.50. Then you would subtract the $10.5 from 350 which equals $339.5. You would continue this until you have multiplied the 3% 10 times subtracting after each percentage which give you a ending balance of $266.32.
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