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Problem 9: A loan of $40,000 is being repaid by a 30-year increasing annuity-immediate. The initial...

Problem 9: A loan of $40,000 is being repaid by a 30-year increasing annuity-immediate. The initial payment is k, and each subsequent payment is k larger than the preceding payment. Determine the principal outstanding immediately after the ninth payment, using an annual effective interest rate of 4%.

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