To pay for his daughters wedding, David decides to borrow $7,000 from his bank for 8 years with a rate of 3.8% compounded semianually. Determine the amount of interest David would have to pay. Round your answer to the nearest cent.

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To pay for his daughters wedding, David decides to borrow $7,000 from his bank for 8 years with a rate of 3.8% compounded semianually.  Determine the amount of interest David would have to pay. Round your answer to the nearest cent.

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