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Chris made an interest-free loan to Carol for $12,000, payable in three years. At the end of the first year, Carol offered to settle the

Chris made an interest-free loan to Carol for $12,000, payable in three years. At the end of the first year, Carol offered to settle the debt immediately for $10,000. If Chris can invest this payment at 8 percent compounded quarterly, how much of the loan would Chris recover at the end of two years?

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