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Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1020.21 at the end of every year over seven years.

Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1020.21 at the end of every year over seven years. If interest is 5.6% compounded semi-annually, what was the original loan balance?

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