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How much money did the firm borrow

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A firm has borrowed money from one of its stakeholders. In exchange, the firm has agreed to pay the stakeholder $19 every six months for ten years (a total of 20 payments) and an additional $1000 at the end of the tenth year.

Using a nominal rate of 4.8%, compounded semiannually, to discount the cash flows, how much money did the firm borrow?

Reference no: EM133073713

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