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Cater company can lease and excavator for $24,000 per year (paid at the year end) for 12 years instead of buying the machine. The machine

Cater company can lease and excavator for $24,000 per year (paid at the year end) for 12 years instead of buying the machine. The machine will be valueless after 12 years. If the interest rate your company can earn on its funds is 4%, what is the price you are paying of the future payment? (please advise in detail with formulation. Thank you)

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