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1. You are asked to check the effect of compounding interest rate. Below is an investment with $4,320 , the investment term is 12 years

1. You are asked to check the effect of compounding interest rate. Below is an investment with $4,320 , the investment term is 12 years . Suppose a simple annual interest rate is 5.50%. How much MORE can you make on this investment if the interest rate had coumpounded annually ?

(Round your answers to two decimals , for example, if your answer is 5.126, round to 5.13)

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