You agreed to pay your brother back for the $3,500 loan he extended you for your education. You and your brother agree that a fair effective annual rate of interest is 14% percent. Required: If you will repay the loan in a single lump sum, how much do you need to repay at the end of:

a. 1 year

b. 3 years

c. 6 years

d. 12 years

e. 20 years

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