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Seitan Spice Corp. purchased a packaging machine and arranged financing with the supplier. The financing agreement requires no down payment, and two payments of $12,500
Seitan Spice Corp. purchased a packaging machine and arranged financing with the supplier. The financing agreement requires no down payment, and two payments of $12,500 each, payable in 6 months and 1 year from the date of purchase. If the financing arrangement carries interest at 6% compounded monthly, what was the original purchase price of the machine? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
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