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You took out a student loan in college and now have to pay $ 1 , 6 0 0 every year for 2 0 years,

You took out a student loan in college and now have to pay $

1, 600

every year for

20

years, starting one year from now. The annual interest rate on the loan is

3 % .

Attempt

1 / 10

for

10

pts

.

Part

1

What is the present value of the

20

yearly payments?

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