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1) b) Sophia has $1,600 cash from her part-time job. She wants to deposit the money and earn enough interest to buy a laptop in

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Sophia has $1,600 cash from her part-time job. She wants to deposit the money and earn enough interest to buy a laptop in 15 months. Suppose the price of the laptop is $2,000. Calculate the minimum interest rate p.a. compounded monthly Sophia needs to earn. (Round your answer to the nearest 0.01%.) (3 marks

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