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What price will a finance company pay for a conditional sale contract requiring 12 monthly payments of $225.50, if the company requires a rate of

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What price will a finance company pay for a conditional sale contract requiring 12 monthly payments of $225.50, if the company requires a rate of return of 16% compounded semiannually? The first payment is due one month from now. (Do not round intermediate ealculations and round your final answer to 2 decimal places.) Price $

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