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3 Bob borrows $10,000 for ten years at an annual effective interest rate of 6%. At the end of each year, he pays the interest
3 Bob borrows $10,000 for ten years at an annual effective interest rate of 6%. At the end of each year, he pays the interest on the loan and he deposits an amount A in a fund earning an annual effective interest rate of 4%. He uses this fund to pay the principal at the end of the 10 years. What is the amount of the total payments made by Bob over the 10-year period
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