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Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,225, $1,350, and $1,500 over the next five years.
Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,225, $1,350, and $1,500 over the next five years. If the friend normally discounts investments cash flows at 8.00 percent annually, how much did Jeremy borrow?
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