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This letter presents a simple and fast algorithm to analyze wideband electromagnetic induction data for subsurface targets. A well-known four-parameter model is differentiated, resulting in a two-parameter model. A fast lookup table is used to find parameters as opposed to nonlinear optimization. The proposed approach provides a computationally faster way to reproduce the results of state-of-the-art methods. A detailed mathematical analysis of the model is given that describes the advantages and limitations of the proposed method.