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(Related to Checkpoint 6.1)(Annuity payments)A firm borrows $50,000 from the bank at 15 percent compounded annually to purchase some new machinery. This loan is to

(Related to Checkpoint 6.1)(Annuity payments)A firm borrows $50,000 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 10 years. How much will each annual payment be?

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