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Assume that you borrow $700 from a friend and intend to repay the amount in four equal annual installments beginning one year from today. Your

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Assume that you borrow $700 from a friend and intend to repay the amount in four equal annual installments beginning one year from today. Your friend wishes to be reimbursed at an 8% annual rate. What is the required annual payment that must be made to repay the loan in four years? 36 Multiple Choice $331.34 $21134 $181.34 O $32115

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