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no excel Consider a group of 300 people interested in borrowing an amount of $7000 for a term of 6 years. The entire loan is

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Consider a group of 300 people interested in borrowing an amount of $7000 for a term of 6 years. The entire loan is to be repaid with a single payment of principal and interest at the end of 6 years. The lender requires an annual effective interest rate of 4% if there will be no default, and an annual effective interest rate of 5.58% if it is known in advance that exactly N borrowers from this group will default. Find N

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