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2. A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial pay- ment is k, and each subsequent payment is k

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2. A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial pay- ment is k, and each subsequent payment is k larger than the preceding payment. Determine the principal outstanding immediately after the ninth payment, using an annual effective interest rate of 4%

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