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You bought a piece of equipment by signing the following note payable. The note is due at maturity and interest is due annually. Face value

You bought a piece of equipment by signing the following note payable.

The note is due at maturity and interest is due annually.

Face value 355,600
Coupon rate 4.3%
Market rate 7.5%
Term 6

What is the fair value of the equipment at the time of purchase?

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