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You purchase an old used car from a friend with agreed upon installments that will be paid out over 5 years. You will pay them
You purchase an old used car from a friend with agreed upon installments that will be paid out over years. You will pay them today, $ year from now, and $ per year thereafter for four more years. If your friend onlv charges compounded monthlv. what is the equivalent present value of the car todav? Explain each steps with proper calculations and draw a timeline also
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