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You Have $500 Invested in a Bank Account Earning 6 6.412%\frac{6.4}{12} \%

Question 51

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You have $500 invested in a bank account earning 6.4% compounded monthly, earning 6.412%\frac{6.4}{12} \%
interest each month.How much interest do you earn the first year? Round to the nearest cent.

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