Question: Please show all work 4. [1.5 pts] Bob borrows X for ten ycars at an annual cffcctive intcrcst rate of 8%. If he pays the

Please show all work

4. [1.5 pts] Bob borrows X for ten ycars at an annual cffcctive intcrcst rate of 8%. If he pays the principal and interest in one lump sum at the end of ten years he will pay $468.05 more than if he pays the loan off with level payments at the end of each year. Find X

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