(Related to Checkpoint 6.1)(Annuity payments)A firm borrows

$40,000

from the bank at

15

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

6

years. How much will each annual payment be?

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Part 1

The amount of each annual payment will be

$enter your response here.

(Round to the nearest cent.)