College Algebra Quiz
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SEQUENCES, SERIES & FINANCIAL MATH
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A business takes out a 250,000 loan at 5.9% annual interest compounded monthly for 15 years. After 8 years of payments, they want to pay off the remaining balance with a lump sum. If they can invest the lump sum amount today at 4.5% annual interest compounded continuously, how much must they invest today to have enough to pay off the loan in 8 years?
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