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Find out annual payment-big brothers

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Reference no: EM132634798

Big Brothers, Inc. borrows $414,162 from the bank at 8.27 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 10 years. How much will each annual payment be? Round the answer to two decimal places.

Reference no: EM132634798

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