Repaid with annual payments at the end of each year

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A loan of $10000 is to be repaid with annual payments at the end of each year for the next 20 years. For the first 5 years the payments are k per year; the second five years, 2k per year; the third 5 years, 3k per year, and the fourth 5 years, 4k per year. Find an expression for k.

Reference no: EM131962635

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