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137 000 is invested for 2 years at 5.5% p.a. compounded monthly. Calculate the interest earned.

Solution

137 000 is invested for 2 years at 5.5% p.a. compounded monthly. Calculate the interest earned.

Solution

Interest : 15891.67

Solution steps

Translate the problem into an equation:

152891.66674 \dots = 137000 + I

Solve for

I, 152891.66674 \dots = 137000 + I : I = 15891.67

Interest : 15891.67

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