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Smith lends $ 1 0 , 0 0 0 to be repaid over 2 5 years in equal installments at the end of every six
Smith lends $ to be repaid over years in equal installments at the end of every six months. Smith expects a nominal annual rate of return over years of compounded semiannually. Fifteen years later, just after receiving the installment then due, Smith sells the loan. Smith's nominal annual rate of return is compounded semiannually over the fifteenyear period. In which of the following ranges is the amount Smith receives for the sale of the loan?
Smith lends $ to be repaid over years in equal installments at the end of every six months. Smith expects a nominal annual rate of return over years of compounded semiannually. Fifteen years later, just after receiving the installment then due, Smith sells the loan. Smith's nominal annual rate of return is compounded semiannually over the fifteenyear period. In which of the following ranges is the amount Smith receives for the sale of the loan?
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