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14. Sport for Fitness plans to lease some new equipment. The lease calls for payments of $1,000 per year and is based on eight annual
14. Sport for Fitness plans to lease some new equipment. The lease calls for payments of $1,000 per year and is based on eight annual payments and a 9 percent interest rate. As an accommodation to the not-for-profit organization, the bank has agreed to lease payments at the end of each year rather than the beginning, which is more common. What is the present value of the obligation
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