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Jalen has a loan that requires a single payment of $4,000 at the end of 3 years. The loan's interest rate is 6%, compounded semiannually.

Jalen has a loan that requires a single payment of $4,000 at the end of 3 years. The loan's interest rate is 6%, compounded semiannually. How much did Jalen borrow? (PV of $1, FV of $1, PVA of $1, and FVA of $1)

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Multiple Choice $4,000.00 $3,660.40 $3,350.00 $4,776.40 $3,358.40

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