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Parker, a gold miner, was given an $ 1 8 0 0 0 loan by an investor. The conditions were interest would accumulate at a
Parker, a gold miner, was given an $ loan by an investor. The conditions were interest would accumulate at a rate of compounded quarterly, and payments of $ are to be made at the end of every month period.
a How long can Parker expect it to take to repay his investor?
b What will he pay in interest?
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