Find the cash price for a set of encyclopedias

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Reference no: EM13305536

Pierce Publishing sells encyclopedias under two payment plans: cash or installment. Under the installment plan, the customer pays $25/month over 3 yr with interest charged on the balance at a rate of 17%/year compounded monthly. Find the cash price for a set of encyclopedias if it is equivalent to the price paid by a customer using the installment plan.

Reference no: EM13305536

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