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#1 On 1/1/20 Star-Lord, Inc. purchases equipment. Star-Lord promises to pay $40,000 on 12/31/23. The annual market interest rate on similar payment arrangements is 8%.

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#1 On 1/1/20 Star-Lord, Inc. purchases equipment. Star-Lord promises to pay $40,000 on 12/31/23. The annual market interest rate on similar payment arrangements is 8%. Based on this information, what is the cash equivalent price of the equipment (i.e., the present value of the purchase)

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