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Calculate the pv of the ordinary annuity component

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Reference no: EM132487588

Canliss mining Company borrowed money from a local bank. The note the company signed requires 5 annual installment payments of $10,500 not due for 3 years. The interest on the note is 5%. What amount did Canliss borrow?

Question 1: Calculate the PV of the ordinary annuity component.

Question 2: Convert the annuity to a single sum.

Reference no: EM132487588

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