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1.A business borrows $10,000,000. Interest on the loan is 9.0%% compounded daily. The loan is paid back in two payments (of equal principal) including interest.

1.A business borrows $10,000,000. Interest on the loan is 9.0%% compounded daily. The loan is paid back in two payments (of equal principal) including interest. The first payment (half of the loan) is in 150days and the second payment is in threeyearsplus 150days. Calculate the two payments (you can treat it as two separate loans each $5 million).

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