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An amount of $1200 is deposited for 6 years in an account that earns 5% interest. (Round your answers to two decimal places.) (a) Calculate

An amount of$1200is deposited for6years in an account that earns5%interest. (Round your answers to two decimal places.)

(a) Calculate the simple interest earned.

(b) Calculate the interest earned if interest is compounded daily.

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