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11-30 Exercise in Compound Interest Suppose Pfizer wishes to borrow money from Bank of America . They agree on an annual rate of 4%. 1.

11-30 Exercise in Compound Interest

Suppose Pfizer wishes to borrow money from Bank of America. They agree on an annual rate of 4%.

1. Suppose Pfizer agrees to repay $750 million at the end of 10 years. How much will Bank of America lend Pfizer?

2. Suppose Pfizer agrees to repay a total of $750 million at a rate of $75 million at the end of each of the next 10 years. How much will Bank of America lend Pfizer?

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