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Emily has borrowed $ 1 0 0 0 0 0 0 from MQ Bank for 1 0 years at an interest rate of j 2
Emily has borrowed $ from MQ Bank for years at an interest rate of j pa She will make annual repayments. According to the loan agreement, Emily's repayments will be $ for the first two years followed by payments of X per year for the remaining eight years. This loan needs to be fully repaid by the end of years.
a Assume that all annual repayments will be paid at the end of each year the first payment will be at the end of the first year what is the value of Emily's annual payment amount, X rounded to four decimal places The correct answer is:
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