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Your friend went a bit berserk on Spring Break, and borrowed $3000 from a local loan shark. To rescue your friend from likely doom, you
Your friend went a bit berserk on Spring Break, and borrowed $3000 from a local loan shark. To rescue your friend from likely doom, you have paid off his debt. He has agreed to pay you $25 per month at 6% annual interest rate until the loan is repaid. How many years will it take to get all of your money back? (Please show the correct formula for the question)
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