Question: Explain, please. Do not use excel. 2. On January 1, 2016 Seth borrowed an amount L with the following 10 -year payment scheme, 1000 at

Explain, please. Do not use excel.

Explain, please. Do not use excel. 2. On January 1, 2016 Seth

2. On January 1, 2016 Seth borrowed an amount L with the following 10 -year payment scheme, 1000 at the end of each even-numbered year, 2000 at the end of each odd-numbered year. Find L (nearest 100 ) assuming annual effective interest 8%

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