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A machine is purchased by making payments of $16000 at the beginning of each of the next five years. The interest rate was 10%. The

A machine is purchased by making payments of $16000 at the beginning of each of the next five years. The interest rate was 10%. The future value of an ordinary annuity of 1 for five periods is 6.1051. The present value of an ordinary annuity of 1 for five periods is 3.79079. What was the cost of the machine?

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