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A demand loan for $7970.87 with interest at 7.7% compounded semi-annually is repaid after 7 years, 11 months. What is the amount of interest paid?

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A demand loan for $7970.87 with interest at 7.7% compounded semi-annually is repaid after 7 years, 11 months. What is the amount of interest paid? The amount of interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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