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An individual agrees to pay $6,000 per year for three years to payoff a car loan. His/her payments are always made at the end of each year. If the interest rate in year 1 is 3%, in year 2 is 3.5% and in year 3 is 4%, and if compounding is done twice a year, how much did the car originally cost? (That is, work out the price s/he must have agreed to pay for the car.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92680227

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