MatBytha decides to put £2,000 into a savings account at her local bank. This account earns a nominal annual rate of 12%

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answerhappygod
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MatBytha decides to put £2,000 into a savings account at her local bank. This account earns a nominal annual rate of 12%

Post by answerhappygod »

MatBytha decides to put £2,000 into a savings account at her
local bank. This account earns a nominal annual rate of 12%
compounded monthly. If her bank allows the interest to accumulate
in the account so it too earns interest, what will be
(approximately) her balance in 5 years? a. £1,782.1 b. £3,633.4 c.
£2,347.8 d. £2,054.3
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