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A loan is to be repaid in n level instalments, one due at the end of each year for n years. The principal repaid in

A loan is to be repaid in n level instalments, one due at the end of each year for n years. The principal repaid in the fourth payment is $11.74 and the principal outstanding after the fourth payment is $223.32. The effective annual interest rate is 4%. What is n?

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