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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 8 years.

The Lancer Leasing Company has agreed to lease a hydraulic trencher to the Chavez Excavation Company for $20,000 a year over the next 8 years. Lease payments are to be made at the beginning of each year. Assuming that Lancer invests these payments at an annual rate of 13%, how much will it have accumulated by the end of the 8th year?

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