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2 . A firm would like to finance an investment by taking out a loan that requires 1 0 fixed annual payments, with the first

2. A firm would like to finance an investment by taking out a loan that requires 10 fixed annual payments, with the first payment due in one year. The bank will require a return of 6.5% on this loan. The firm plans to borrow $450,000 using this loan.
a. What will the firms annual payments be?
b. What would the first annual payment be, if the firm wanted the annual payments to grow at a rate of 4% each year?
c. What would the last payment be?

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