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You know you are receiving $ 4 , 0 0 0 for 5 weeks but need cash today. You decide to borrow money today. Interest
You know you are receiving $ for weeks but need cash today. You decide to borrow
money today. Interest on the loan is compounded on daily and interest is per year. You
will pay back the loan at maturity in weeks and will make no payments until then. How much
will you be able to borrow today, if you plan to use the $ to pay back the loan and interest?
Hint: Assume a day year.
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