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| rev | Admin | (Created page with "'''Solution: A''' Let K be the amount that Bank B paid. Equating the amount borrowed (the 16 payments discounted at 7%) to the actual payments received (using the 6% yield rate) gives the equation <math display="block"> 1000 a_{\overline{1677 \%}}=1000 a_{\overline{8} | 6 \%}+\frac{K}{1.06^8} . </math> Then, <math display="block"> \begin{aligned} K & =1000\left(a_{\overline{16} |7 \%}-a_{\overline{8} \mid 6 \%}\right) 1.06^8 \\ & =1000(9.44665-6.20979) 1.06^8 \\ &...") | Nov 19'23 at 14:10 | +551 |