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Rachel agreed to pay debt in quarterly end-of-term installments for 5 years. Each payment is $ 100. Rachel missed the first 5 installments and the
Rachel agreed to pay debt in quarterly end-of-term installments for 5 years. Each payment is $ 100. Rachel missed the first 5 installments and the day the sixth installment is due, she receives an inheritance and decides to pay the entire debt to the creditor. If the nominal interest rate is 6%, compounded quarterly, what is the value of the debt that Rachel will pay?
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