Question: Sidney borrows $ 1 2 , 0 0 0 . 0 0 . The loan is governed by compound interest and the annual effective rate

Sidney borrows $12,000.00. The loan is governed by compound interest and the annual
effective rate of discount is 6%. Sidney repays
$3,700.00 at the end of one year, X at the
end of two years, and $3,800.00 at the end
of three years in order to exactly pay off the
loan. Find X.
Round your answer to the nearest cent.
Answer in units of dollars. Your answer
must be within +/-0.0%

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