- 10 John Borrows X To Repay This Loan John Makes A Series Of Repayments Of 1 At The End Of Years 3k 2 K 1 2 1 (56.26 KiB) Viewed 55 times
10. John borrows $X To repay this loan, John makes • a series of repayments of $1 at the end of years 3k – 2, k = 1, 2,
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10. John borrows $X To repay this loan, John makes • a series of repayments of $1 at the end of years 3k – 2, k = 1, 2,
10. John borrows $X To repay this loan, John makes • a series of repayments of $1 at the end of years 3k – 2, k = 1, 2, ..., 10, and • another series of repayments of $2 at the end of years 3k – 1, k = 1, 2, ..., 10. The annual effective interest rate is 6%. Calculate X. (Hint: Follow the derivation of an:]