How many years did it take the son to repay the


A son borrowed $700,000 from his father to start his business. His father charged him 4% per year as an interest rate. If the son was able to pay his father $30,000 in year 1, $73,400 in year 2, and amounts increasing by $43,400 each year. How many years did it take the son to repay the loan? Hint: 5<=N<=6, use interpolation to get the answer.

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Financial Management: How many years did it take the son to repay the
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