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Mr. Pitkin bought a farm and promised to pay $6925 in 5 years with 8.25% simple interest and $10500 in 13 years with 9.5% simple
Mr. Pitkin bought a farm and promised to pay $6925 in 5 years with 8.25% simple interest and $10500 in 13 years with 9.5% simple interest. Later, Mr. Pitkin met with the lender requesting to pay $6975 at the end of 3 years and to make a final payment at the end of 10 years. Based on a simple interest rate of 14.5%, determine the amount required to settle the debt at the end of 10 years.\
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