Receives the money in five annual installments

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A man borrows money from bank. He receives the money in 5 annual installments, taking X each time. He repays the loan with 20 annual payments, the first one equal to 100 and the payments increasing by 100 each year. If the first payment is due one year after the last installment is given out, and i= 0.132. Find X

Reference no: EM131092876

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