Originally Posted by

**ksliljes** What is false?

that it's i^t? the first year there's i possible rate, the second there's i possible rates => i*i*.....*i=i^t

Remeber, that the fact that some path yields the same final result as another, does not make the paths identical.

And I'm not shure what you mean with "any permutation of a given path". I just gave you an example where one permutation of a given path gives a different final result than another.

For 4 years annual compound, 1$ deposit each year, with interests 3,435 %1,230 %2,518 %3,000 %

The result is 4,260$

and for the otherwise same savings but with interests 3,000 %1,230 %2,518 %3,435 %

The result is 4,274$

Not all paths give the same result, exactly. But do some?