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How much was the interest of an investment with a future value of $36,920 and interest at 4% compounded monthly for a period of 2.5 years?

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Solution 1

To calculate the interest earned on an investment, we first need to find out the initial principal amount. We can do this by using the formula for compound interest which is:

A = P(1 + r/n)^(nt)

Where: A = the future value of the investment/loan, including interest P = the principal investment amo Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.

Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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