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Determine the equivalent yearly payment

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On an annual renewable? lease, the quarterly lease payment on office space is ?$1,400 payable at the begining of every three months. What equivalent yearly payment made in advance would satisfy the lease if interest is 9.7?% compounded quarterly??

The equivalent yearly payment is ?$ ?

?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as? needed.)

Reference no: EM132841822

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