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Suppose that a loan of $7000 is given at an interest rate of 8% compounded...

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Suppose that a loan of $7000 is given at an interest rate of 8% compounded each year.Assume that no payments are made on the loan.Follow the instructions below. Do not do any rounding.(a) Find the amount owed at the end of 1 year.$(b) Find the amount owed at the end of 2 years.$

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