Question: Quantum Research Ltd. has arranged debt financing from its parent company to complete the development of a new product. Quantum draws down $12,000 at the

Quantum Research Ltd. has arranged debt financing from its parent company to complete the development of a new product. Quantum “draws down” $12,000 at the beginning of each month. If interest accumulates on the debt at 8.2% compounded quarterly, how long will it take to reach the credit limit of $1 million?

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