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Paige borrows P at an annual effective rate if 3%. She agrees to repay the loan by making the following payments: A payment of 100
Paige borrows P at an annual effective rate if 3%. She agrees to repay the loan by making the following payments: A payment of 100 at the end of year 2, a payment of 200 at the end of year 4, a payment of 150 at the end of year 5, and and a payment of X at the end of year 7. The method of equated time can be used to determine that Paige could have also repaid the loan by making a payment of 450+X at approximately time t = 5.6000. Find X.
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