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With an annual inflation rate of 1.78%, how much did an item that now costs $3200 cost 2 years prior? An item that currently costs

With an annual inflation rate of 1.78%, how much did an item that now costs $3200 cost 2 years prior? An item that currently costs $3200 would have cost $ nothing 2 years ago. The business will pay $(blank) in interest.

(Round to the nearest cent as needed.)

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