Laurel borrowed some money from Hardy 42 months ago. The loan principal plus interest at 17% compounded annually is to be repaid today. Laurel and Hardy agree that the total amount due is $31,618. How much did Laurel borrow from Hardy 42 months ago?
A) $10,618.49
B) $13,367.12
C) $18,250.88
D) $23,157.32
E) $49,868.89
Correct Answer:
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