Vince loaned a certain amount from a cooperative and promised to pay it back with 2.62 times his original loaned amount. They agreed a nominal interest rate of 8.93 % compounded every 4 months every...


Vince loaned a certain amount from a cooperative and promised to pay it back with 2.62 times his original loaned<br>amount. They agreed a nominal interest rate of 8.93 % compounded every 4 months every year for n years. How<br>many n years before he pay all his loan with interest?<br>Answer rounded off with two 2 decimal places.<br>

Extracted text: Vince loaned a certain amount from a cooperative and promised to pay it back with 2.62 times his original loaned amount. They agreed a nominal interest rate of 8.93 % 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.

Jun 10, 2022
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