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Posted on Jul 11, 2024

Suppose you invest $3,600 today in an account that earns a nominal annual rate (i nom ) of 16 percent, with interest compounded monthly .

Suppose you invest $3,600 today in an account that earns a nominal annual rate (i _nom) of 16 percent, with interest compounded monthly. How much money will you have after 6 years?

a. $9,342.65

b.$8,771.03

c.$25,056

d.$157,4998,972.59

e.$3,897.77

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