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Arthur is starting a business and his father agrees to lend him $ 1 000 000, repayable after ten years (interest free), to start his
Arthur is starting a business and his father agrees to lend him $ 1 000 000, repayable after ten years (interest free), to start his business. Arthur decides to rather buy a cheap business and invested the remaining amount for ten years to accumulate $ 1 000 000 so that he will be able to repay his father. a) Calculate the amount that Arthur would have to invest at 8.15% per annum compounded monthly for 10 years to repay his father. b) Calculate the maximum amount he would have available to buy his business
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