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3) Sam Mart, M.D., is establishing a fund to pay off a $200,000 lump-sum loan when it matures in 10 years. The funds will earn

3) Sam Mart, M.D., is establishing a fund to pay off a $200,000 lump-sum loan when it matures in 10 years. The funds will earn 8 percent interest per year. What is the size of the yearly payment in each case below?

a. The payment is made at the end of the year.

b. The payment is made at the beginning of the year.

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