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(Related to Checkpoint 6.1) (Annuity payments) A firm borrows $20,000 from the bank at 11 percent compounded annually to purchase some new machinery. This loan

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(Related to Checkpoint 6.1) (Annuity payments) A firm borrows $20,000 from the bank at 11 percent compounded annually to purchase some new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 7 years. How much will each annual payment be? The amount of each annual payment will be $ (Round to the nearest cent.)

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