Write a table out if you have $100 and you lose 5% each year for 3 years:

Answer 1

Year | Starting Balance | Interest | Ending Balance
-----|-----------------|----------|---------------
1 | $100 | $5 | $95
2 | $95 | $4.75 | $90.25
3 | $90.25 | $4.51 | $85.74