The production of polyamide from raw materials of plant origin, such as castor oil, requires 20% less
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The production of polyamide from raw materials of plant origin, such as castor oil, requires 20% less fossil fuel than conventional production methods. Darvon Chemicals borrowed $6 million to implement the process. If the interest rate on the loan is 10% per year (on unrecovered balance) for 10 years, what is the amount of interest for year 2? Also, write the spreadsheet function that displays this same amount.
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