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Larry has a 10 year loan that gives him $10,000 at the end of each year and he has an effictive interest rate of 6%.
Larry has a 10 year loan that gives him $10,000 at the end of each year and he has an effictive interest rate of 6%. After each year he makes interest payments, and deposits an amount C into a fund that has an effective interest rate of 4% to pay off the principal of his loan at the end of 10 years. What is the total amount of payments paid by Larry after the 10 years?
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