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On December 3 1 , Year One, the Lurch Company decides to lease a piece of equipment rather than buy it . The lease is

On December

31,

Year One, the Lurch Company decides to lease a piece of equipment rather than buy it

.

The lease is for

7

years. Payments are $

70, 000

every December

31

beginning on December

31,

Year One. The implicit rate is

8

percent and is known by Lurch.

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