For the following investment, compute the amount of compound interest earned in one year and the annual percentage yield, rounding dollars to the nearest cent, and rate to the nearest hundredth:
Nominal
Interest
Compound Interest
Effective
Principal
Rate
Compounded
Earned in One Year
Rate
$350
6%
monthly
__________
_________
What will be an ideal response?
$21.59; 6.17%
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