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Noah invests $3,600 for two years. The account pays 0.43% monthly compound interest. To the nearest cent, what's the total that will be in Noah's account after two years?

Noah invests $3,600 for two years. The account pays 0.43% monthly compound interest. To the nearest cent, what's the total that will be in Noah's account after two years?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:swsi.bksblive2.com.au/bksbLive2/PlayAssessment.aspx?ID=62488&CourselD=oz_maths_plus&ExitUrl=%2fbksbLive2%2fStudent%2fStudentModule.aspx%3fModulelD%3DMOD.. 1.4 ACSF L5 SC Number: Simple and Compound Interest Noah invests $3,600 for two years. The account pays 0.43% monthly compound interest. To the nearest cent, what's the total that will be in Noah's account after two years? bksb 2021 A Exit ( Back Next > RSC G Search or type URL %24
Expert Solution
Step 1

The formula we use here is 

P[1+r/n]nt 

 

 

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