Henry borrows money from his bank who charges interest of 7% p.a. effective. He has the following options to repay his l

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answerhappygod
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Henry borrows money from his bank who charges interest of 7% p.a. effective. He has the following options to repay his l

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Henry borrows money from his bank who charges interest of 7%
p.a. effective. He has the following options to repay his loan: •
Option 1: To repay $3,000 in 2 years and $6,000 in 5 years. •
Option 2: To repay two equal payments of X each. The first
repayment is in 1 year. The second repayment is in 4 years.
Calculate X. Round your answer to the nearest cent. (3
marks)
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