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You borrow a sum of money that calls for repayment to begin at $1,000 at the end of the first year, and increase by $600
You borrow a sum of money that calls for repayment to begin at $1,000 at the end of the first year, and increase by $600 at the end of each subsequent year through the end of year 5. If the sum is borrowed at 6%, how much have you borrowed? Express your answer in $ to the nearest $100
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