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You are given the following information about a loan of L that is to be repaid with a series of 20 annual payments: (1) The
You are given the following information about a loan of L that is to be repaid with a series of 20 annual payments: (1) The first payment of 1000 is due one year from now. The next eight payments are each 4.3% larger than the preceding payment. (in From the 10th to the 20th payment, each payment will be 3.7% less than the preceding payment. (iv) The loan has an annual effective interest rate of 3.2%. Calculate L
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