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TB MC Qu. B-52 (Algo) Jackson has a loan that requires... Jackson has a loan that requires a $17,800 lump sum payment at the end

TB MC Qu. B-52 (Algo) Jackson has a loan that requires...

Jackson has a loan that requires a $17,800 lump sum payment at the end of four years. The interest rate on the loan is 5%, compounded annually. How much did Jackson borrow today? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

  • $16,910

  • $14,240

  • $12,045

  • $14,644

  • $16,065

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