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A demand loan of $6000 is repaid by payments of $3000 after two years, $3000 after four years, and a final payment after seven years.
A demand loan of $6000 is repaid by payments of $3000 after two years, $3000 after four years, and a final payment after seven years. Interest is 8% compounded quarterly for the first two years, 9% compounded semi-annually for the next two years, and 9% compounded quarterly thereafter. What is the size of the final payment?
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