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On December 31, 2019, Speedos Limited bought a yacht for $55,000 but made a down payment of $10,000. Speedos agreed to pay the balance in

On December 31, 2019, Speedos Limited bought a yacht for $55,000 but made a down payment of $10,000. Speedos agreed to pay the balance in 10 equal end-of-year installments and 10% interest on the declining balance. Calculate the annual payments.

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