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A cattle rancher can afford an annual debt service payment of $ 1 0 , 0 0 0 . Using PV formula without Excel Spreadsheet,

A cattle rancher can afford an annual debt service payment of $10,000. Using PV formula
without Excel Spreadsheet, what is the maximum size loan that this rancher can borrow if the
annual interest rate for a 10-year loan is 5%?
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