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A loan of $10,000 is to be repaid with annual payments, at the end of...

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Finance

A loan of $10,000 is to be repaid with annual payments, at the end of

each year, for the next 21 years. For the rst 7 years the payments

are X per year, the second 7 years they are 2X per year, and for the

third 7 years they are 3X per year.

a) Find X if i(2) = 10%.

b) Find X if i(2) = 8% for the rst 10 years and i(2) = 12% afterwards

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