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You borrow money today at 8.65 percent compounded annually, and repay the principal and interest in one lump sum of $14,800 two years from today.

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You borrow money today at 8.65 percent compounded annually, and repay the principal and interest in one lump sum of $14,800 two years from today. How much are you borrowing? $12,537.25 $12,525.23 $11,253.52 $11,401.16 None of these answers are correct

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