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A company has just purchased a machine with a cost of $70,000, and signed a note agreeing to pay the manufacturer equal annual payments of
A company has just purchased a machine with a cost of $70,000, and signed a note agreeing to pay the manufacturer equal annual payments of $13,791. If the current rate of interest is 5%, how many equal annual payments will be made?
Select one: a. 5 b. 2 c. 6 d. 4 e. None of the above
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