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9) A bank accepts a deposit of $450,000 for a term of one year and 90 days, with an interest rate of 7.25% per annum

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9) A bank accepts a deposit of $450,000 for a term of one year and 90 days, with an interest rate of 7.25% per annum simple interest. Interest is paid six monthly at the maturity date. How much interest will be paid in total? a) $40,669.52 b) $40,696.52 c) $40,966.52 d) $40,699.52

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