6. 3.60 Nippon Iron & Steel invested $950,000 in a new shearing unit. At an interest rate...

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6. 3.60 Nippon Iron & Steel invested $950,000 in a new shearing unit. At an interest rate of 12% per year compounded monthly, the monthly income required to recover the investment in 3 years is closest to:

1. $31,550 2. $35,880 3. $39,370 4. $43,550

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