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Only attempt if you have the correct answer please and show working. The last person got it wrong. Your cousin Ray borrows $1500 now, repays

Only attempt if you have the correct answer please and show working. The last person got it wrong.

Your cousin Ray borrows $1500 now, repays $800 in two years, and then borrows $1150 in another three years, all at nominal rates of interest of 11.6% convertible quarterly.

At the same interest rate, t years from now, your other cousin Jay borrows $1850.

If the present value of each of your cousins debts is the same, what is t?

(Assume compound interest at all times.)

Answer =_________________ years. (Round your answer to four places after the decimal.

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