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Quantum algorithms for solving linear systems of equations have generated excitement because of the potential speed-ups involved and the importance of solving linear equations in many applications. However, applying these algorithms can be challenging. The Harrow-Hassidim-Lloyd algorithm and improvements thereof require complex subroutines suitable for fault-tolerant hardware such as Hamiltonian simulation, making it ill-suited to current hardware. Variational algorithms, on the other hand, involve expensive optimization loops, which can be prone to barren plateaus and local optima. We describe a quantum algorithm for solving linear systems of equations that avoids these problems. Our algorithm is based on the Woodbury identity, which analytically describes the inverse of a matrix that is a low-rank modification of another (easily-invertible) matrix. This approach only utilizes basic quantum subroutines like the Hadamard test or the swap test, so it is well-suited to current hardware. There is no optimization loop, so barren plateaus and local optima do not present a problem. The low-rank aspect of the identity enables us to efficiently transfer information to and from the quantum computer. This approach can produce accurate results on current hardware. As evidence of this, we estimate an inner product involving the solution of a system of more than 16 million equations with 2% error using IBM's Auckland quantum computer. To our knowledge, no system of equations this large has previously been solved to this level of accuracy on a quantum computer.