How much did jeremy borrow

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Problem: Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,240, $1,360, $1,505, $1,645, and $1,585 over the next five years. If the friend normally discounts investments cash flows at 10.50 percent annually, how much did Jeremy borrow? (Round answer to 2 decimal places, e.g. 15.25.)

Reference no: EM131796778

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