A sum of 450000 is invested at a monthly interest rate of, Microeconomics

A sum of 450000 is invested at a monthly interest rate of

Question: 1. If £40,000 is invested at a monthly rate of 1% what will it be worth after 9 months? What is the corresponding AER?

2. A sum of £450,000 is invested at a monthly interest rate of 0.6%. What will the final sum be after 18 months? What is the corresponding AER?

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