Jones Co. borrowed money that is to be repaid in 12 years. So that the loan will be paid back at end of the 12th year, the company invests $8,000 at end of each year at 5% compounded annually. The amount of the original loan was (use the tables in the handbook) :
A) $127,336.80
B) $70,905.60
C) $127,636.80
D) $70,950.60
E) None of these
Correct Answer:
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