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A company purchased equipment and signed a 5-year installment loan at 11% annual interest. The annual payments equal $6,400. The present value of an annuity

A company purchased equipment and signed a 5-year installment loan at 11% annual interest. The annual payments equal $6,400. The present value of an annuity factor for 5 years at 11% is 3.6960. The present value of a single sum factor for 5 years at 11% is .6209. The present value of the loan is:


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