Question
Gregory invested his savings of $1,100 in a savings account that was earning simple interest at 2.52% p.a. He also invested $3,925 in his friend's
a. What is the interest rate per month that is equivalent to 2.24% p.a.?
b. What was the total interest earned from both investments at the end of 3 months?
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Engineering Economic Analysis
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
9th Edition
978-0195168075, 9780195168075
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