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  • 24-05-2024
  • Mathematics
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Mrs. Maldonado has $3,000 she wants to invest for the next 4 years. Her credit union offers a 5.96% interest rate compounded yearly, while a new bank will pay a 7.27% annual simple interest on her investment. Assume Mrs. Maldonado makes no additional deposits or withdrawals over the 4-year period. Use the correct formula to calculate the interest earned for the offer at the bank.

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