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Anna borrowed 1 9 , 0 0 0 today. She will make semiannual payments for five years starting in six months. The first five payments

Anna borrowed

19, 000

today. She will make semiannual payments for five years starting in six months.

The first five payments are

K .

The last five payments are

K + 500 .

The loan is based on a nominal

interest rate of

5.75 %

compounded semiannually. Calculate

K .

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