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Calculate the amount of interest for each of the following independent situations (assume
365 days per year):
a) $400,000 is borrowed at 6% interest for 1 year.
b) $50,000 is borrowed at an annual interest rate of 4% for 60 days.
c) $120,000 is borrowed at an annual interest rate of 7% for 275 days.
Amount in $
Interest = Principal amount * Rate of interest*Time
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