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Typescript: use of word "let"

I see Typescript can define statically types variable with the word "let"

how do these two lines differ?

let name: string = 'Bob';

name: string = 'Bob';
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David Favor
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thanks
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I'd like to re-open this question and give the majority of points to this second answer. I'm afraid to click on "Report Question" unless that's the new way to request help.
Thanks for such a thorough answer!
You are welcome.