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"Compounded annually" means that the interest is added once a year.
It would be worth 428.24 if the interest was added on once each year. If the interest were to be compounded monthly rather than annually the value would be 447.67
The concept is that at the end of each time interval, the interest for that period is added to the principal. As a reult, the interest for any period is calculated not only on the principal but also the interest from previous periods.
2 apex:)))