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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 $10,000 to be repaid over 25 years in equal installments at the end of every six months. Smith expects a nominal annual rate of return over 25 years of 10% compounded semiannually. Fifteen years later, just after receiving the installment then due, Smith sells the loan. Smith's nominal annual rate of return is 8% compounded semiannually over the fifteen-year period. In which of the following ranges is the amount Smith receives for the sale of the loan?

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