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Yearly Return resulting from purchase of a new machine =$7,000...for eight years with no salvage value. 2 Max price of the machine if the following

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Yearly Return resulting from purchase of a new machine =$7,000...for eight years with no salvage value. 2 Max price of the machine if the following rates of return are desired: 1) 16\%?; 2) 20\%? HINT: This is an Annuity - same formula as Present Value of a Single Pmt; however: =PV( rate/period, APeriods,Pmts/Period,FV); in this case you will enter 7000 for Pmts/Period and no FV

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