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Canes Co. purchases equipment on January 1, 2012. The contract does not require the company to pay until December 31, 2013, at which time it

Canes Co. purchases equipment on January 1, 2012. The contract does not require the company to pay until December 31, 2013, at which time it will owe $500,000. What is the true value of the equipment on the date of acquisition, if the interest rate is 9%?

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