Question
Enea, a budding entrepreneur, was excited that her presentation at her college annual entrepreneurial competition was voted the best by every judge. An investor in
Enea, a budding entrepreneur, was excited that her presentation at her college annual entrepreneurial competition was voted the best by every judge. An investor in the audience was very impressed by her business plan and offered to help her start her designer clothing store by offering her a loan at 6% compounded semi-annually. After two years, her business had savings of $80,654 and she used the entire amount to completely pay off her outstanding debt with the investor.
What was the loan amount provided to her by the investor and what was the accumulated interest over the two-year period?
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