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OpenStudy (anonymous):
word problem! major help needed! The formula for determining interest compounded monthly is A = P(1 +r / 12 )12t, where A represents the amount invested after t years, P the principal invested, and r the interest rate. Jimmy invests $2,000 at an interest rate of 10% for 4 years, while Jenny invests $2,000 at an interest rate of 5% for 8 years. Determine the amount of return gained by Jimmy and Jenny. In complete sentences, summarize your results.
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