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Calculate x for an annual effective

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A bank agrees to lend 20,000 now and X three years from now in exchange for a single repayment of 80,000 at the end of 12 years.
The bank charges interest at an annual effective rate of 4.38% for the first 8 years and at a force of interest

Problem 1: Calculate X.
a) 11,000
b) 13,000
c) 15,000
d) 17,000
e) 19,000

Reference no: EM132641450

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