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5. Newship Inc. has borrowed from its bank at a rate of 8 percent and will repay the loan with interest over the next ve

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5. Newship Inc. has borrowed from its bank at a rate of 8 percent and will repay the loan with interest over the next ve years. Its scheduled payments, starting at the end of the year are as follows $450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.) a. $2,735,200 b. $2,989,351 c. $2,431,224 d. $2.815.885

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