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A factory buys a machine for $45000. They decide to pay 8% down and make payments of $7000 annually. If the interest rate is j

A factory buys a machine for $45000. They decide to pay 8% down and make payments of $7000 annually. If the interest rate is j₁=9%. *Do not round intermediate steps*

a) How many full annual payments of $7000 will the factory make?

b) Determine the size of the concluding payment if the final payment is a 'drop' payment.

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