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You have a loan outstanding It requires making four annual payments of $1,000 each at the end of the next four years Your bank has

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You have a loan outstanding It requires making four annual payments of $1,000 each at the end of the next four years Your bank has offered to allow you to skip making the next throe payments in lieu of making ope large payment at the end of the loan's torm in four years. If the interest rate on the loan is 3%, what final payment will the bank require you fo make so that it is indifferent to the two forms of payment? The final payment the bank will require you to make is 5 (Round to the nearest cont)

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