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Determine the value of x

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Suppose a bank agrees to lend $12,388 now and X three years from now in exchange for a payment of $159,804 in 12 years. Suppose that the bank charges interest at an effective annual rate of 9% for the first 6 years and at a force of interest δt  =   1/1+t for t  ≥  6. Determine the value of X.

Reference no: EM133083872

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