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Popular Word Problems >

A bank offers an investment account with an annual interest rate of 1.17% compounded daily. Kaitlin invests \4200 into the account for 2 years. How much interest is earned on Kaitlin's investment after2 years?

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Solution

Solution

Interest:99.44
Solution steps
Translate the problem into an equation:4299.43728…=4200+I
Solve for I,4299.43728…=4200+I:I=99.44
Interest:99.44

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