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Question Pina Corporation bought a new machine and agreed to pay for it in equal annual installments of $5,280 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 6% applies to this contract, how much should Pina record as the cost of the machine? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

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Question

Pina Corporation bought a new machine and agreed to pay for it in equal annual

installments of $5,280 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 6% applies to this contract, how much should Pina record as the cost of the machine? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

 
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