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5) Butch Coolidge leased a piece of equipment for his business under a sales contract that required payments of $1,250 at the beginning of each
5) Butch Coolidge leased a piece of equipment for his business under a sales contract that required payments of $1,250 at the beginning of each month for 5 years. The interest charged was 6.5% compounded semiannually. Determine the value of the lease for the equipment. (5 marks)
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