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Jim Grant plans to borrow $4,000 for four years. The loan will be repaid with a single payment after 4 years, and the interest on

Jim Grant plans to borrow $4,000 for four years. The loan will be repaid with a single payment after 4 years, and the interest on the loan will be computed using the simple interest method at an annual rate of 11%. How much will he have to pay at maturity if he's required to make annual interest payments at the end of each year?

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