A bank made a farmer a loan of $1,000at14%for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for the same period.

A bank made a farmer a loan of $1,000at14%for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for the same period.

A bank made a farmer a loan of $1,000at14%for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound
interest with simple interest for the same period.

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