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Josef Company borrowed money that must be repaid in 10 years. The company wants to make sure the loan will be repaid at the end
Josef Company borrowed money that must be repaid in 10 years. The company wants to make sure the loan will be repaid at the end of year 10. So it invests $11,800 at the end of each year at 9% interest compounded annually. What was the amount of the original loan? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Loan amount
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