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Harry borrows X from Mary. He agrees to repay the loan with 10 annual payments, made at the end of each year. The first payment
Harry borrows X from Mary. He agrees to repay the loan with 10 annual payments, made at the end of each year. The first payment is 200, and each subsequent payment is 5% larger than the previous payment, with a smaller final payment one year after the last regular payment. Mary charges Harry an annual effective rate of interest 4%. Determine X. O A. 2,008 O B.2,088 O C. 2,108 OD.2,188 O E. 2,220
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