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Dax borrows $300,000 and the loan is governed by compound interest at an annual effective...

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Dax borrows $300,000 and the loan is governed by compound interest at an annual effective rate of 6.11%. Dax agrees to repay the loan by ten equally spaced payments, the first four of which are for $25,000 and the next six of which are for $40,000. When should he make the first payment? Write your answer in years, rounded to 3 decimal places. Answer in units of years. Your answer must be within 0.0%

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