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4-20 A company buys a machine for $17,000, which it agrees to pay in 6 equal annual payments, beginning one year after the date of
4-20 A company buys a machine for $17,000, which it agrees to pay in 6 equal annual payments, beginning one year after the date of purchase, at an annual interest rate of 5%. Immediately after the second payment the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? (9 pts) Draw the cash flow diagram and solve using both, spreadsheet and tables)
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