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You borrow $14,312 and repay the loan with 5 equal annual payments. The first payment is supposed to occur at the end of year 1

You borrow $14,312 and repay the loan with 5 equal annual payments. The first payment is supposed to occur at the end of year 1 and you pay 7% annual compound interest. If you decide to defer the first payment to 4 years after the receipt of the money (end of year 4), what would be your annual payment amount? (Round your answer to 2 decimal places)

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