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Daren McCain has loaned money to his brother at an interest rate of 5.85% compounded monthly. He expects to receive $987, $1,012, $1,062, and $1,162
Daren McCain has loaned money to his brother at an interest rate of 5.85% compounded monthly. He expects to receive $987, $1,012, $1,062, and $1,162 at the end of the next four months as complete repayment of the loan with interest. How much did he loan out to his brother? (Use financial calculator inputs)
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