Question: On April 1 a man borrows $100. The loan is to be repaid in three equal semiannual (every 6 months) payments. If the annual interest

On April 1 a man borrows $100. The loan is to be repaid in three equal semiannual (every 6 months) payments. If the annual interest rate is 7% compounded semiannually, how much is each payment?

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