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11. KP Company purchased equipment costing $10,000 and decided to finance the purchase. KP agreed to pay for the equipment by making four annual installment

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11. KP Company purchased equipment costing $10,000 and decided to finance the purchase. KP agreed to pay for the equipment by making four annual installment payments beginning one year from today. The installment payments include interest at 7%. What is the required annual installment payment? a. $2,286 b. $2,500 c. $2,463 d. $2,886

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