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Vince loaned a certain amount from a cooperative and promised to pa imes his original loaned amount. They agreed a nominal interest rate c compounded every 4 months every year forn years. How many n year: nis loan with interest? Answer rounded off with two 2 decimal places.

Vince loaned a certain amount from a cooperative and promised to pa imes his original loaned amount. They agreed a nominal interest rate c compounded every 4 months every year forn years. How many n year: nis loan with interest? Answer rounded off with two 2 decimal places.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Vince loaned a certain amount from a cooperative and promised to pay it back with 2.37 times his original loaned amount. They agreed a nominal interest rate of 10.27 % compounded every 4 months every year for n years. How many n years before he pay all his loan with interest? Answer rounded off with two 2 decimal places.
Transcribed Image Text:Vince loaned a certain amount from a cooperative and promised to pay it back with 2.37 times his original loaned amount. They agreed a nominal interest rate of 10.27 % compounded every 4 months every year for n years. How many n years before he pay all his loan with interest? Answer rounded off with two 2 decimal places.
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