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A publicly traded construction company reported that it just paid off a loan that it received 1 year earlier. If the total amount of money

A publicly traded construction company reported that it just paid off a loan that it received 1 year earlier. If the total amount of money the company paid was $1.7 million and the interest rate on the loan was 12% per year, how much money did the company borrow 1 year ago? The amount of money that the company borrowed 1 year ago is $

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