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Kate borrows 10,000 for 10 years at an annual effective interest rate of 9%

Finance

Kate borrows 10,000 for 10 years at an annual effective interest rate of 9%. At the end of each year, she pays the interest on the loan and deposits the level amount necessary to repay the principal to a sinking fund earning an annual effective interest rate of 8%. The total payments made by Kate over the 10-year period is X . Calculate X. 
A 34,905 
B 23,902 C 15,903 
 

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