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The Turbo Speedboat Company has just acquired new manufacturing equipment. No down payment was made, but four year-end payments of $2,400 will be required to

The Turbo Speedboat Company has just acquired new manufacturing equipment. No down payment was made, but four year-end payments of $2,400 will be required to pay for the machine. If 8% is the appropriate rate, at what amount should Turbo Speedboat Company record the new equipment on its books?

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