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A car can be leased for three years by making payments of $545 at the beginning of each month. The car costs $27,900 and is

A car can be leased for three years by making payments of $545 at the beginning of each month. The car costs
$27,900 and is expected to have a re-sale value $14,750 after 3 years. If interest is 9.3% compounded semi-
annually, which alternative is preferable?

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