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You lend Jack $ 1 3 , 0 0 0 and he agrees to repay you in equal year - end amounts over 5 years.

You lend Jack $

13, 000

and he agrees to repay you in equal year

-

end amounts over

5

years. If the interest rate is

12.6 %

per annum compounded quarterly, the annual repayment will be

(

rounded to nearest dollar; don

t include the $ sign or commas

)

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