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Question 1 A machine is purchased by making payments of $16500 at the beginning of each of the next five years. The interest rate was

Question 1

A machine is purchased by making payments of $16500 at the beginning of each of the next five years. The interest rate was 8%. The future value of an ordinary annuity of 1 for five periods is 5.86660. The present value of an ordinary annuity of 1 for five periods is 3.99271. What was the cost of the machine?

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$65881

$104543

$96799

$71150

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