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On an annual renewable lease, the quarterly lease payment on office space is $1600 payable in advance. What equivalent yearly payment made in advance would

On an annual renewable lease, the quarterly lease payment on office space is $1600 payable in advance. What equivalent yearly payment made in advance would satisfy the lease if interest is 6.6% compounded monthly? * 10 points 15575.37118575.37117575.37116575.371

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