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A firm borrows $50,000 from the bank at 16 percent compounded annually to purchase some new machinery. This loan is to be repaid in equal

A firm borrows $50,000 from the bank at 16 percent compounded annually to purchase some new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 5 years. How much will each annual payment be?

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