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You owe your parents $23,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 4 years from

You owe your parents $23,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 4 years from today and the other in 7 years from today. If the interest rate is 8.9% per annum compounding monthly, what will be the amount of each repayment?

Select one:

a.$18564

b.$32793

c.$42786

d.$32348

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