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.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45e31c0e-eff2-4a55-99b9-43cbcd378aba%2Fde8817b4-8f2a-4d30-b151-0f546c7073be%2Flmh9qbi_processed.jpeg&w=3840&q=75)
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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