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You took out a student loan in college and now have to pay $1,600 every year for 10 years, starting one year from now. The

You took out a student loan in college and now have to pay $1,600 every year for 10 years, starting one year from now. The annual interest rate on the loan is 4%.

Attempt 1/5 for 10 pts.

Part 1

What is the present value of the 10 yearly payments?

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