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Sue loans Betty an amount L , which is repaid by 30 equal annual payments based on a 7 percent amortization schedule. Sue remits each
Sue loans Betty an amount L, which is repaid by 30 equal annual payments based on a 7 percent amortization schedule.
Sue remits each payment into a fund earning 6 percent.
The accumulated value of the fund immediately following the final deposit is 48,420.
You are given:
Calculate L.
A. 7,300
B. 7,400
C. 7,500
D. 7,600
E. 7,700
$ (i) (ii) 30 0.06 = 79.058 30|0.07 94.461 SStep by Step Solution
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