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[10 points] Meghan is trying to pay off a debt by making a series of 5 yearly payments. Her payments begin with a $10,000 instalment
[10 points] Meghan is trying to pay off a debt by making a series of 5 yearly payments. Her payments begin with a $10,000 instalment beginning at the end of year 1, then her payments steadily increase at a rate of 4% per year. During this period, the average general inflation rate is 3%. The interest accumulating on her loan is 15% annually. What is the value of the debt that Meghan owes right now? [10 points] Meghan is trying to pay off a debt by making a series of 5 yearly payments. Her payments begin with a $10,000 instalment beginning at the end of year 1, then her payments steadily increase at a rate of 4% per year. During this period, the average general inflation rate is 3%. The interest accumulating on her loan is 15% annually. What is the value of the debt that Meghan owes right now
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