A person borrows $240 that he must repay in a lump sum no more than 10 years from now. The interest rate is 7.4% annually compounded. The borrower can repay the loan at the end of any earlier year with no prepayment penalty.

a. What amount will be due if the borrower repays the loan after 1 year? b. How much would the borrower have to repay after 5 years? c. What amount is due at the end of the tenth year?

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