After taking into account reinvestment elena receives a, Financial Management

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After taking into account reinvestment elena receives a

Elena loans Joe 20,000 to be repaid with three annual payments of X. Elena takes each payment of X and reinvests as an effective interest rate of 7.5%. After taking into account reinvestment, Elena receives a yield rate of 9.5%. Calculate X using both calculator built-in function and mathematical formula.

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