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A property development agreement valued at $55,000 requires semi-annual lease payments of $6,000. The first payment is due five years after the date of the
A property development agreement valued at $55,000 requires semi-annual lease payments of $6,000. The first payment is due five years after the date of the agreement and interest is 3% compounded annually. For how long will payments be made? The payments will be made for year(s) and month(s). (Type whole numbers.)
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