Develop code for standard and original algorithms (without data structures) and determine the result of these algorithms.
A programmer is implementing an algorithm to calculate compound interest. Consider this code segment:

double principal = 1000.0;
double rate = 0.05;
int years = 3;
double amount = principal;
for (int i = 0; i < years; i++) {
    amount = amount * (1 + rate);
}
System.out.println((int) amount);

What is printed as a result of executing this code segment?