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On December 31, Son-Nan Chen borrowed $115,00, agreeing to repay this sum in 22 equal end-of-year installments and 15 percent interest on the declining balance.

On December 31, Son-Nan Chen borrowed $115,00, agreeing to repay this sum in 22 equal end-of-year installments and 15 percent interest on the declining balance. How large must the annual payments be?

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