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A company estimates that it will need $180,000 in 12 years to replace a machine. If it establishes an ordinary annuity by making fixed annual
A company estimates that it will need $180,000 in 12 years to replace a machine. If it establishes an ordinary annuity by making fixed annual payments into an account paying 9% compounded yearly, how much should each payment be? O a. $7,638 O b. $6,486 O c. $9,494 O d. $8,937
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