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7. How much interest (in dollars) is earned in just the third year on a $1,000 deposit that earns 7% interest compounded annually? Note that

7. How much interest (in dollars) is earned in just the third year on a $1,000 deposit that earns 7% interest compounded annually? Note that you are finding the interest only in Year 3 and not the FV of this deposit at the end of Year 3.

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