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A bank made a farmer a loan of $ 1 comma 400 1,400 at 16 16 % for three years compounded annually. Find the future

A bank made a farmer a loan of $1 comma 400

1,400 at 16

16% for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for the same period.

Future valueequals

nothing

(Round to the nearest cent asneeded.)

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