Eli has agreed to repay a debt by using the following repayment schedule. Starting today, he will
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Eli has agreed to repay a debt by using the following repayment schedule. Starting today, he will make $ payments at the beginning of each quarter for the next two years. After two years, he will make $ payments at the beginning of each quarter for another two years, which will pay off his debt completely. For the first two years, the interest on the debt is compounded monthly. For the next two years the interest is lowered to compounded annually. Determine the size of Eli's debt as of today. Hint: Timeline really helps. PLEASE USE THE CALCULATOR MODE AND DRAW THE TIMELINE
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