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Answered

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sqdancefan

Answer:

  $0.03

Step-by-step explanation:

The 1.4% interest rate given is an annual rate. So, the daily interest rate is 1/365 of that value. The first day's interest is 1/365 of 1.4% of $720:

  1/365 × 0.014 × $720 ≈ $0.0276 ≈ $0.03 . . . . first day's interest

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