What is the extra amount of interest earned, if $3677 is invested for six years at 4.7%

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What is the extra amount of interest earned, if $3677 is invested for six years at 4.7% p.a. compounded monthly rather than for six years at 4.7% p.a. simple interest ?

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Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Posted Date: May 15, 2024 11:45 AM

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What is the extra amount of interest earned, if $3677 is invested for six years at 4.7%

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Expert Answer:

First lets calculate the compound interest earned The compound interest formula is A P1 rnnt Where ... View the full answer

Contemporary Business Mathematics with Canadian Applications

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