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Question: Your cousin Ray borrows $1600 now, repays $800 in two years, and then borrows $1100 in another three years, all at nominal rates of interest of 11% convertible quarterly. At the same interest rate, t years from now, your other cousin Jay borrows $1900. If the present value of each of your cousin's debts is the same, what is t? (Assume compound interest at all times.)

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