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Jason has a loan that requires a single payment of $4,400 at the end of 3 years. The loan's interest rate is 8%, compounded semiannually.

Jason has a loan that requires a single payment of $4,400 at the end of 3 years. The loan's interest rate is 8%, compounded semiannually. How much did Jason borrow? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

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  • $4,903.40

  • $3,477.32

  • $3,787.40

  • $4,400.00

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