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A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial payment is k, and each subsequent payment is k larger than

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A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial payment is k, and each subsequent payment is k larger than the preceding payment. Determine the principal outstanding immediately after the ninth payment, using an annual effective interest rate of 4%. a. 47750 O b. 48000 C. 48250 d. 48500 O e. 47500

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