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A bank made a farmer a loan of $1,000 at 14% for three years compounded annually. Find the future value and the compound interest paid

A bank made a farmer a loan of $1,000 at 14% 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 value =$

Thus, the compound interest is approximate ____ more than the simple interest.

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