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A three-year loan investment with the same $10,000 in interest income was paid out in quarterly interest distributions over three years or paid out at

A three-year loan investment with the same $10,000 in interest income was paid out in quarterly interest distributions over three years or paid out at the end of the three-year investment term as a balloon interest payment for all accrued interest. Which option generates a higher IRR? Please provide math to prove your case.

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