Question: A $15,000 loan at 11.5% compounded semiannually is advanced today. Two payments of $4000 are to be made one year and three years from now.

A $15,000 loan at 11.5% compounded semiannually is advanced today. Two payments of $4000 are to be made one year and three years from now. The balance is to be paid in five years. What will the third payment be?

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