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100\pi M\times 1.03
Add 1 and 0.03 to get 1.03.
103\pi M
Multiply 100 and 1.03 to get 103.
100\pi M\times 1.03
Add 1 and 0.03 to get 1.03.
103\pi M
Multiply 100 and 1.03 to get 103.