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A company wants to borrow a loan to build a new production/warehouse facility. If the company offers to repay the loan with $60,000 in year

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A company wants to borrow a loan to build a new production/warehouse facility. If the company offers to repay the loan with $60,000 in year 1 and the amounts increasing by $10,000 each year after through year 5, how much can the company borrow now at an interest rate of 10% per year? Ans: $296,066

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