SOLUTION: Ivan invests $70000 in a term deposit and interest is compounded monthly at a rate of 7% per annum for two years. How much interest does he earn ?

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Question 1112942: Ivan invests $70000 in a term deposit and interest is compounded monthly at a rate of 7% per annum for two years. How much interest does he earn ?
Found 2 solutions by josgarithmetic, ikleyn:
Answer by josgarithmetic(39630) About Me  (Show Source):
Answer by ikleyn(52909) About Me  (Show Source):
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. 
interest = 70000%2A%281%2B0.07%2F12%29%5E24+-+70000.


Use your calculator.