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A 10-year loan is available from a relative at 10% simple interest. The amount borrowed will be $2000, and all interest and principal will be

A 10-year loan is available from a relative at 10% simple interest. The amount borrowed will be $2000, and all interest and principal will be repaid at the end of year 10. How much more interest would be paid if the interest were compounded? Show the step by step solution, the formula used, and cashflow diagram.

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