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John made an investment four years ago. Today, his investment has grown to $20,736. If the interest rate was 20% per year, what was the
John made an investment four years ago. Today, his investment has grown to $20,736. If the interest rate was 20% per year, what was the amount of interest earned on interest (that is, what is the effect of compounding)?
how can i get this answer? I just used PV formula: PV=FV/(1+r)^t.
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