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Karl invested his savings in a short-term fund that was offering a simple interest rate of 4% p.a. The maturity value of the investment at

Karl invested his savings in a short-term fund that was offering a simple interest rate of 4% p.a. The maturity value of the investment at the end of 290 days was $37,678.51. a. Calculate the principal amount invested.

Round to the nearest cent

b. Calculate the interest earned during the period.

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