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A company borrowed cash from the bank by signing a 6-year, 6% installment note. The present value of an annuity factor at 6% for 6 years is 4.9173. The present value of a single sum at 6% for 6 years is .7050. Each annual payment equals $75,400. The present value of the note is:
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A company borrowed cash from the bank by signing a 6-year, 6% installment note. The present value of...
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