Calculator built-in function and mathematical formula

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Reference no: EM131831446

Elena loans Joe 20,000 to be repaid with three annual payments of X. Elena takes each payment of X and reinvests at 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.

Reference no: EM131831446

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