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Skagway Company purchases a machine on 1/1/17. The four Annual Payments will be $1,000 each January 1, beginning 1/1/17 through 1/1/20 inclusive. Interest Rate is

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Skagway Company purchases a machine on 1/1/17. The four Annual Payments will be $1,000 each January 1, beginning 1/1/17 through 1/1/20 inclusive. Interest Rate is 8% compounded annually. What is the approximate true cost of the machine? Select one: O a $3,312 Ob.$3.723 OC $3.673 Od $4.546 O e $3.577

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