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I got this question wrong, and can't seem to figure out the calculations. If you could write out how to solve this for me to
I got this question wrong, and can't seem to figure out the calculations. If you could write out how to solve this for me to get the solution 16.43, I would really appreciate it!
Question 9 0 / 10 pts Devon is planning to borrow $100,000 5 years from today (he will receive $100,000 at the end of year 5). He has already agreed to pay back the loan in equal annual payments of $13,000 per year with his first payment at the end of year 6. How many years from today will he have the loan completely repaid if the interest rate is 7%? Answer Format: ENTER YOUR ANSWER AS A POSITIVE NUMBER INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$"" or any other formatting. Carry computation to at least 4 decimals and round your final answer to 2 decimal places. ######.## You Answered 7.67 Correct Answers 16.43 (with margin: 0.05)Step by Step Solution
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