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Maroon Inc. currently owes a balance of $ 1 0 9 , 1 6 3 . 8 0 on a $ 3 4 , 0

Maroon Inc. currently owes a balance of $

109, 163.80

on a $

34, 000.00

loan. If the loan

has an interest rate of

9.50 %

compounded monthly. How long has the loan been

outstanding? Enter your answer in years, rounding to

2

decimal places.

years

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