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December 22, 2014

Homework Help: economics

Posted by cevin on Friday, April 26, 2013 at 1:00pm.

Suppose that a vegetable vendor pays 7% interest daily on a $10 loan. Then, suppose that this individual was able to save $0.50 per day by drinking less tea. Calculate the number of days it would take for the vendor to no longer need to borrow money in order to purchase $10 of vegetables (i.e. the day number on which no loan is needed).

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