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The Lancer Leasing Company has agreed to lease a hydraulic trencher to the Chavez Excavation Company for $20,000 a year over the next eight years.

TheLancer Leasing Company has agreed to lease a hydraulic trencher to the Chavez Excavation

Company for $20,000 a year over the next eight years. Lease payments are to be

made at the beginning of each year. Assuming that Lancer invests these payments at an annual

rate of 9 percent, how much will it have accumulated by the end of the eighth year?

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