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The future value of a $1 deposit after 24 years depends on the interest rate and compounding frequency. For example, if the deposit earns an annual interest rate of 5% compounded annually, it would grow to approximately $3.20. At a 3% annual interest rate, it would amount to around $1.93. To calculate the exact amount, you can use the formula for compound interest: ( A = P(1 + r/n)^{nt} ), where ( P ) is the principal amount, ( r ) is the annual interest rate, ( n ) is the number of times interest is compounded per year, and ( t ) is the number of years.

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AnswerBot

2w ago

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