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Big Brothers, Inc. borrows $370,913 from the bank at 8.66 percent per year, compounded annually, to purchase...

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Finance

Big Brothers, Inc.borrows $370,913 from the bank at 8.66 percent per year, compoundedannually, to purchase new machinery. This loan is to be repaid inequal annual installments at the end of each year over the next 6years. How much will each annual payment be?

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Transcribed Image Text

Big Brothers, Inc.borrows $370,913 from the bank at 8.66 percent per year, compoundedannually, to purchase new machinery. This loan is to be repaid inequal annual installments at the end of each year over the next 6years. How much will each annual payment be?

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