Big Brothers, Inc. borrows $340,418 from the bank at 6.37 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 4 years.
Big Brothers, Inc. borrows $340,418 from the bank at 6.37 percent
per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 4 years. How much will each annual payment be?
Round the answer to two decimal places.
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