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Someone offers to buy your car for four, equal annual payments, beginning 3 years from today. If you think that the present value of your
Someone offers to buy your car for four, equal annual payments, beginning 3 years from today. If you think that the present value of your car is $10,000 and the interest rate is 10%, what is the minimum annual payment that you would accept ? (hint: draw a clear time line first)
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