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2. Colby borrows $10,000 and agrees to make twenty equal annual payments, where the first payment is due in one year. Each year, she will

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2. Colby borrows $10,000 and agrees to make twenty equal annual payments, where the first payment is due in one year. Each year, she will pay interest at 12% effective on the outstanding principal. The lender wishes to sell the loan to an investor immediately after the loan is made. Determine the sale price such that the investor will achieve a yield of 15% on this investment. a)

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