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(Related to Checkpoint 6.1)(Annuity payments)A firm borrows $ 50,000 from the bank at 13 percent compounded annually to purchase some new machinery. This loan is

(Related to Checkpoint 6.1)(Annuity payments)A firm borrows $ 50,000 from the bank at 13 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

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