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(A) Find the amount in the compound interest account after two years, assuming no withdrawals are made. Do not round any intermediate computations, and round
(A) Find the amount in the compound interest account after two years, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent.
(B) Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.
- Amount Invested: $2,000
- Annual Interest Rate: 3.2%
- Number of times per year interest is calculated: monthly
I would really appreciate if someone could verify my answers
(A) $2,132
(B) 3.25%
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