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A computer retailer offers a payment plan at 6.5% annual interest, compounded monthly. Customers can pay for a gaming system by monthly payments of

A computer retailer offers a payment plan at 6.5% annual interest, compounded monthly. Customers can pay for a gaming system by monthly payments of $156.20 for 1 year. What is the cost of the gaming system for a customer paying cash at the time of purchase?

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