To purchase some new machinery, a firm borrows $30,000 from the bank at 13% compounded annually. This loan is to be repa

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answerhappygod
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To purchase some new machinery, a firm borrows $30,000 from the bank at 13% compounded annually. This loan is to be repa

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To purchase some new machinery, a firm borrows $30,000 from the
bank at 13%
compounded annually. This loan is to be repaid in equal annual
installments at the
end of each year over the next 4 years. How much will each annual
payment be?
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