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Justin received a $1400 bonus. He decided to invest it in a 3-year certificate of deposit (CD) with an annual interest rate of 1.27% compounded monthly.
Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent.
(a) Assuming no withdrawals are made, how much money is in Justin's account after 3 years?
(b) How much interest is earned on Justin's investment after 3 years?
Sagot :
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