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A firm needs some machinery which it can lease from the manufacturer for a six-year period by making lease payments of $7,000 at the end

A firm needs some machinery which it can lease from the manufacturer for a six-year period by making lease payments of $7,000 at the end of each month. If the interest rate for the firm is 7% p.a., with monthly compounding, the present value of the lease payments is closest to

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