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Your boss secured a $40 million line of credit for the business. The interest rate is .615% per month. In addition, 5% of the amount

Your boss secured a $40 million line of credit for the business. The interest rate is .615% per month. In addition, 5% of the amount you borrow must be deposited in a non-interest bearing account. Assume that the bank compounds the interest on the line. b. Suppose you need $15 million today and you repay it (plus interest) in six months. How much interest did you pay?

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