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Bonita Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,750 at the end of each of the

Bonita Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,750 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 8% applies to this contract, how much should Bonita record as the cost of the machine?

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