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Sarah plans to deposit $6,500 into an interest-bearing account that promises to pay 3% APR (compounded annually). Assume that Beth does not make any additional deposits or withdrawals from the account. Also, assume that she plans to keep the account open for 25 years. Calculate the total interest earned on the initial deposit over the 25 year holding period. (Round to 2 decimals)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92857938

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