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Indigo Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Indigo should pay $21,440 at the time of purchase and

Indigo Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Indigo should pay $21,440 at the time of purchase and $4,920 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2017, at what amount, assuming an appropriate interest rate of 12%?

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