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A furniture retailer offers a payment plan at 9.5% annual interest, compounded monthly. Customers can pay for a living room set by monthly payments of

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A furniture retailer offers a payment plan at 9.5% annual interest, compounded monthly. Customers can pay for a living room set by monthly payments of $316.45 for 16 months. What is the cost of the furniture for a customer paying cash at the time of purchase? a $4731.35 b. $4816.52 c. $5029.29 d. $4738.08

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