A 100 loan is repaid in ten annual instalments commencing, Financial Management

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A 100 loan is repaid in ten annual instalments commencing

A $100 loan is repaid in ten annual instalments, commencing one year after the date of the loan. Each payment for years 1 through 5 is twice the payment 6 through 10. The effective annual interest rate is 4%. In which of the following ranges is the outstanding principal immediately after the 4th payment?

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Financial Management: A 100 loan is repaid in ten annual instalments commencing

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