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Bozo borrowed $ 1 5 , 0 0 0 from Ernie due in 5 years at 6 % compounded monthly. Immediately after the debt is

Bozo borrowed $

15, 000

from Ernie due in

5

years at

6 %

compounded monthly. Immediately after the debt is contracted, Ernie sells the note to Max for an amount based on

5 %

compounded monthly. How much does Ernie receive?

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