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Suppose You Lend $2,500 at 11

Question 11

Multiple Choice

Suppose you lend $2,500 at 11.5% for 3 years. If the interest is compounded annually, how much interest will you receive in those 3 years?

A) $862.50
B) $965.49
C) $3,362.50
D) $2,465.49

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