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Carmen earns $55,000 per year (after taxes) - at her current job. She is considering going to graduate school, but she will need to take out a loan to cover the $78,000 cost.
The Bank of Perplex offers Carmen a loan with a 7% annual rate, compounded quarterly.
Calculate to the nearest dollar the balance Carmen will owe when she finishes graduate school.
After graduating, Carmen begins making monthy payments of $P, such that her debt will be paid off after 10 years.
Find the value of $P, to the nearest dollar.
Carmen expects her salary to increase by k% after graduate school. With this increased salary, she hopes to break even on her "investment" in graduate school within 10 years.
Find the minimum possible value of k.
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