Jeremy Fenloch borrowed some money from his friend and promised to repay him $1,225, $1,350,

QUESTION:

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Jeremy Fenloch borrowed some money from his friend and promised to repay him $1,225, $1,350, $1,500, $1,600, and $1,600 over the next five years. If the friend normally discounts investments at 8 percent annually, how much did Jeremy borrow?

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