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You just borrowed money from your friend and have promised to pay them back ove…

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Wize University Introduction to Finance Textbook > Time Value of Money

Growing Annuities

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You just borrowed money from your friend and have promised to pay them back over the next 15 years, with the first payment in one year. The first payment is going to be $1,600 and you will increase each annual payment by 4%. You both agreed to an APR of 6%, compounded weekly. How much did you borrow?

Round your final answer to 2 decimal places.
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