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Now it s time for you to practice what you ve learned. Suppose Caroline receives a $ 3 5 , 0 0 0 . 0

Now it

s time for you to practice what you

ve learned.

Suppose Caroline receives a $

35, 000.00

loan to be repaid in equal installments at the end of each of the next

3

years. The interest rate is

5 %

compounded annually.

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