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2 answers:
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Answer:
The amount of interest earned at the end of 14 years would be $672.3486
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this problem, we have that:
So
The amount of interest earned at the end of 14 years would be $672.3486
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