What is annual payment sam must make to pay back his friend

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Sam Robinson borrowed $14,500 from a friend and promised to pay the loan in 12 equal annual installments beginning one year from the date of the loan. Sam's friend would like to be reimbursed for the time value of money at a 10% annual rate. What is the annual payment Sam must make to pay back his friend?

Reference no: EM13135079

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