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Posted on May 15, 2024

What is the extra amount of interest earned, if $3677 is invested for six years at 4.7% p.a. compounded monthly rather than for six years

What is the extra amount of interest earned, if $3677 is invested for six years at 4.7% p.a. compounded monthly rather than for six years at 4.7% p.a. simple interest ?

(Give your answer to the nearest cent, omitting the dollar sign.)

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