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Consider a $2.200 deposit earning 7 percent interest per year for six years. What is the future value? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete and correct. Future value 3,301.61 How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete and correct. Total interest earned $ 1,101.61 How much is interest earned on interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Interest earned on interest s 734.94Can you answer the How much is interest earned on interest?

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Answer #1

3) Interest earned on interest = $1,101.61 - ($2,200 * 0.07 * 6)

Interest earned on interest = $1,101.61 - $924

Interest earned on interest = $177.61

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